Papua LNG spending to help restore Papua New Guinea’s foreign exchange market, Bank of China opens representative office in Port Moresby and New Porgera clarifies future payments to Barrick.
central bank
The recent decision by the International Monetary Fund (IMF) to approve US$918 million (K3.2 billion) in new funding to Papua New Guinea is helping to fast-track a solution to the country’s chronic foreign exchange shortages. Business Advantage PNG spoke with Sohrab Rafiq, the IMF’s new PNG representative, to learn more.
Papua New Guinea relies heavily on a limited number of taxpayers. Paul Barker, Executive Director of industry-funded think tank, the Institute of National Affairs, considers the implications for government expenditure and PNG’s foreign exchange situation.
The Bank of Papua New Guinea has increased the Kina Facility Rate, Prime Minister Marape welcomes Telstra, and Phase II of the Central Banking Act gets green lighted. The business news you need today.
The prospect of instantaneous settlements on Papua New Guinea’s stock exchange, PNGX, has moved a little closer with a new agreement to explore blockchain technology to support its trading system. PNGX Chairman David Lawrence tells Business Advantage PNG the technology could ‘turbocharge’ PNG’s capital markets.
Is Papua New Guinea’s kina exchange rate stuck? Stephen Howes, Director of the Development Policy Centre and a Professor of Economics at the Crawford School, considers if the kina really is a ‘floating’ currency and calls for foreign exchange reforms to stimulate PNG’s economy.
Santos and Oil Search merger now in the hands of the ICCC, DataCo reduces wholesale prices by 66 per cent for metro fibre connectivity services, and Treasurer Ling-Stuckey receives report on the Central Bank Act 2000 review. The business news you need to know.
With Papua New Guinea’s Mid-year Economic and Fiscal Outlook predicting government debt will rise to 55 per cent of GDP, its government has announced a supplementary budget to address numerous fiscal challenges. There are also moves for the central bank to print money to fund budget shortfalls.
The Bank of Papua New Guinea in its latest Monetary Policy Statement is predicting that the Papua New Guinea economy will not go into recession this year and there will be a strong recovery next year. But it says that the COVID-19 pandemic has badly affected many of the key sectors in the economy.
Three academics, Dek Joe Sum, Maholopa Laveil and Stephen Howes, analyse Papua New Guinea’s monetary easing measures in response to COVID-19.
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