Bank of Papua New Guinea urges tougher stance on new resources projects

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The March Monetary Policy Statement from the Bank of Papua New Guinea has urged the government to rethink the way it negotiates concessions and tax exemptions with new resources projects. Taking a strong position, it points to how previous agreements have been a factor in foreign exchange shortages and adverse trends in government finances.

Papua New Guinea’s new finance sector strategy a response to ‘staggering’ growth

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Massive growth in participation has forced the Papau New Guinea Government to come up with new strategies for the finance sector and financial inclusion. Business Advantage PNG’s David James reviews the strategies and finds a greatly enhanced role for the central bank.

In Brief: World Bank report predicts 5 per cent GDP growth for Papua New Guinea and other business stories

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New World Bank report predicts 5% GDP growth for Papua New Guinea in 2019, consumer protection in financial services, and Bloomberg puts a value on Panguna mine. Your weekly digest of the latest business news.

Papua New Guinea’s foreign exchange and budget situation improving, says central bank Governor

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The Governor of the Bank of Papua New Guinea, Loi Bakani, says the foreign exchange market is on track to return to normalcy. In an exclusive interview with Business Advantage PNG, he says the PNG LNG project has begun paying taxes for the first time, which is improving the Government’s budgetary position.

IFC to issue Papua New Guinea’s first AAA-rated domestic bond to deepen financial markets

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Following the successful launch of Papua New Guinea’s first sovereign bond, the International Finance Corporation is intending to issue a AAA bond as part of its efforts to deepen the financial markets in Papua New Guinea. John Vivian, IFC’s Resident Representative for Papua New Guinea, tells Business Advantage PNG that it can also assist corporate funding.

In brief: Foreign exchange inflows improving, and other business news

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Foreign exchange inflows improving, Moni Plus opens in Lae, and changes to boards of government-owned businesses. Your weekly digest of the latest business news.

MYEFO report says Government wants to bring forward sovereign bond raising to solve forex shortages

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The Government’s Mid-year Economic and Fiscal Outlook (MYEFO) statement has indicated that it is in the ‘advanced stages’ of negotiating the country’s first sovereign bond later this year. The strategy is being adopted to solve the nation’s foreign exchange shortages, but it does carry risks.

Sharp rise in use of mobile financial services in Papua New Guinea

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The Governor of the Bank of Papua New Guinea, Loi Bakani, has told an APEC conference on improving financial literacy that the use of mobile phones for financial services is increasing sharply. But he said there is a need to strengthen consumer digital financial literacy and awareness in the country.

Bank of Papua New Guinea’s quarterly report indicates economy patchy

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The Bank of Papua New Guinea’s latest Quarterly Economic Bulletin points to a ‘slight improvement’ in economic activity in the September quarter driven by higher government expenditure and a marginal increase in private sector lending. It records an improvement in exports and commodity prices and a slowing in the increase of inflation, but lower employment levels.

Papua New Guinea must promote its financial system to the world, say financiers

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Leading financiers have called for better international marketing of the country’s financial system and assets. They told the Business Advantage Papua New Guinea Investment Conference, that it is an important step towards creating more mature financial markets.