The Papua New Guinea government has released its Mid-Year Economic and Fiscal Outlook Report. GDP growth is expected to be weak, tax revenue is lower than expected and public debt is rising above the legislated limit.
Papua New Guinea’s mid-year economic report paints gloomy picture, with some positives
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2 Aug 2016 by Leave a Comment
A weaker kina may make sovereign bond raising less risky, says economist
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27 Jul 2016 by 4 Comments
The Papua New Guinea authorities should allow the currency to fall to its market level to make foreign bond raisings less risky says economist Rohan Fox. He tells Business Advantage PNG that domestic banks are reaching the limits of their capacity to take on government debt, which is increasing the pressure to raise capital internationally.
Papua New Guinea’s 2015 agriculture exports less than half 2011 levels
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22 Jun 2016 by 3 Comments
Papua New Guinea’s agriculture export income in 2015 was less than half 2011 levels, according to data from Bank Papua New Guinea’s latest Quarterly Economic Bulletin. Income from palm oil exports was at its lowest level since 2009, coffee sales were less than half the level of four years ago and income from rubber exports almost halved in a year.
Five things we learned from the Bank of Papua New Guinea’s latest bulletin
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8 Jun 2016 by 2 Comments
The Bank of Papua New Guinea recently released its December 2015 Quarterly Economic Bulletin, which provides a snapshot of the nation’s economic and financial performance over 2015. Business Advantage PNG provides five key insights.
In brief: Bank of PNG pursuing foreign exchange options and other business stories
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1 Jun 2016 by Leave a Comment
Bank of Papua New Guinea negotiating with ‘partners’ about foreign exchange, Oil Search to address competition issues and Travel Air to resume operations. Your weekly digest of the latest business news.
Papua New Guinea’s central bank ‘determined’ to get foreign currency in, says Bakani
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18 May 2016 by Leave a Comment
The Governor of the Bank of Papua New Guinea, Loi Bakani, told this week’s Australia–Papua New Guinea Business Forum in Cairns that the bank is ‘determined’ to obtain more foreign currency ‘as soon as possible’ to address the backlog in foreign exchange demand. However, he criticised claims that PNG’s foreign exchange problem could be solved by allowing a free float of the kina, reports David James.
Forex exemptions granted to Papua New Guinea insurers
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27 Apr 2016 by Leave a Comment
The Bank of PNG has granted exemptions to some PNG insurance companies from the tight foreign exchange restrictions, to enable the general insurers to meet their reinsurance commitments to international reinsurers.
In brief: Asian Development Bank downgrades Papua New Guinea’s growth outlook, and other business stories
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6 Apr 2016 by 1 Comment
Papua New Guinea’s growth forecast downgraded by Asian Development Bank, Bank of PNG says growth this year will partly be driven by non-mineral sector activity, plus claims PNG’s global corruption rating will depend on government commitment to accountability. Your weekly digest of the latest business news.
In brief: Bank of Papua New Guinea seeks K793 million loan to assist foreign exchange backlog, and other business stories
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30 Mar 2016 by Leave a Comment
Central bank seeks temporary loan to cover backlog of demand for foreign currency, district grants and non-tax paying companies under fire and kina to fall to its lowest level since 2003 if current rate of depreciation continues. Your weekly digest of the latest business news.
‘Worst period may be over’ in Papua New Guinea, says bank report
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3 Feb 2016 by Leave a Comment
In spite of a ‘challenging’ 2015 and tough market conditions, the latest Bank South Pacific analysis suggests that the ‘worst period may be over’ in Papua New Guinea. However, it is cautious about the prospects for the government’s planned US$1 billion ‘circuit breaker’ sovereign bond issue.
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