Businesses in Papua New Guinea may be finding it hard to get foreign exchange, but credit quality within the domestic economy remains relatively healthy. Finance executives and analysts tell Business Advantage PNG that there has been only a slight deterioration of kina-denominated credit, despite the weak economy.
The World Bank’s Ease of Doing Business singled out a new private credit bureau as having ‘improved the credit information system in Papua New Guinea.’ Bruce Mackinlay, Managing Director of the Credit & Data Bureau, tells Business Advantage PNG that the organisation is improving the country’s transparency and accountability.
Papua New Guinea enters 2013 with a new government in place, a major gas project nearing completion and some ambitious development goals, reports Business Advantage PNG’s Andrew Wilkins.
When it comes to enforcing contracts, Papua New Guinea ranks 166 out of 185 in the World Bank’s ‘Ease of Doing Business’ survey. Small wonder the country’s only credit bureau is growing fast.