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

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

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

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

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

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

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.

Governor of Bank of PNG tells conference higher food production critical

Diversification of the Papua New Guinea economy is critical to maintaining economic growth according to Loi Bakani, the Governor of the Bank of Papua New Guinea. He told the PNG Investment Conference in Sydney that a particular area of concern is the high level of food imports.

In brief: Employment Act review underway, and other business stories

Employment and IR laws under review, Police Commissioner appeals for end to blockade of Highlands Highway, and new Agriculture Minister promises to pursue K20m for coffee borer repair. Your weekly digest of the latest business news.

In brief: No new taxes, says Prime Minister, and other business stories

O’Neill says Supplementary Budget won’t contain any new taxes, Oil Search MD says oil and gas sector could earn K60 billion over the next seven years, and central bank prepares to use block chain technology. Your weekly digest of the latest business news. 

Join us in Sydney: Thomas, Pesce headline outstanding line-up for 2-in-1 investment conference

We are really excited about the program we have put together for our first investment conference in two years, which includes two heavyweight keynote speakers plus an impressive cross-section of PNG and international business leaders.