Papua New Guinea’s 2026 National Budget, delivered last week, outlines record government spending, while keeping PNG on track to achieve a budget surplus by 2027. It also shifts the narrative “towards opportunity”, as one expert notes, with investments in key development priorities. We take a closer look at the implications for business.
Business leaders are not quite ready to call it, but there are promising signs as Papua New Guinea celebrates its 50th anniversary of independence. Business Advantage PNG spoke with the country’s top CEOs to learn more about current business conditions.
Treasurer reinstated and Bank of Papua New Guinea appoints new Financial Analysis and Supervision Unit (FASU) Director.
Papua New Guinea’s economy has weathered the COVID pandemic well, according to the International Monetary Fund’s latest Article IV assessment, completed last week. While the assessment paints an improved picture over the medium term, it flags some key reforms that PNG’s government still needs to address.
Papua New Guinea’s 2022 National Budget focuses on health, growth and reducing its deficit by 2027, but can this be achieved? Economists Stephen Howes and Kelly Samof consider the evidence.
This year, the United Arab Emirates has provided economic support to small nations, including Papua New Guinea, to join the Expo 2020 Dubai. However, PNGs’ Expo Commissioner Joshua Kalinoe has issued an urgent call for support to ensure PNG’s pavilion is ready.
With the Marape government surviving a challenge late last year and vaccines for the COVID-19 virus starting to emerge, Business Advantage PNG considers what business in Papua New Guinea can expect from the year ahead.
Papua New Guinea’s Prime Minister, James Marape, has outlined his government’s goals for 2021, including building up infrastructure, undertaking ‘Budget repair’ and exploring ways to invest in domestic businesses.
There were few tax surprises in the 2020-21 Budget. However, what was not there was just as significant as what was, according to KPMG’s Tax Partner in Papua New Guinea, Karen McEntee.
The current economic conditions are the most ‘challenging in our lifetime’, according to Justin Smirk, Senior Economist at Westpac. He told a Business Advantage PNG briefing that the success of the 2021 National Budget depended on getting Papua New Guinea’s non-resources economy firing.