The lack of foreign exchange is having a deep impact on Papua New Guinea’s financial system. A new World Bank report shows that mining is the biggest generator of foreign exchange in PNG, but what about LNG projects?
Bank of Papua New Guinea (BPNG)
A new World Bank report details a worsening of Papua New Guinea’s economic prospects and finances. It says that the country is ‘steadily’ losing foreign exchange.
YuTru, Papua New Guinea’s first digital identification or ‘trust framework’, will enable more people to access and participate in the online economy. In this exclusive interview with Business Advantage PNG, Tony Willenberg, consultant to the project, tells us how YuTru is progressing.
The Bank of Papua New Guinea is looking to sell government debt to international and local investors. Its Governor, Loi Bakani, outlines the challenges to Business Advantage PNG and their connection to PNG’s ongoing foreign exchange shortages.
Treasurer Ian Ling-Stuckey announces a deal with the Bank of Papua New Guinea to improve the availability of forex in the country, the Australian Government and the International Monetary Fund pledge to help PNG in its medium term revenue strategy, and Lihir Gold Mining Limited to pay K54 million directly to landowners. Your weekly digest of business news.
A profile of the financial services sector in Papua New Guinea, including information on banks, financial institutions, superannuation and insurance.
Ahead of this week’s expected Supplementary Budget, the Bank of Papua New Guinea’s September Monetary Policy Statement points to continued financial pressures, despite a strong trade performance. David James considers what it means for foreign exchange and domestic demand.
Gold is one of Papua New Guinea’s oldest export industries. Volumes have been volatile but the prospects for the sector look good, according to an expert at the World Gold Council.
What can the Prime Minister and his team do to support a sustained recovery? ANU’s Stephen Howes offers his suggestions.
What the Mid-Year Economic and Fiscal Outlook reveals about Papua New Guinea’s international debt standing and foreign exchange markets.