Transparency Initiative report calls for improved systems in extractive sector in Papua New Guinea

The Extractive Industries Transparency Initiative Report for 2016 has found that improvements are being made to registry and payment systems, but more needs to be done. It notes that budgeting to government revenues remains difficult because of the industry’s volatility and the relatively small number of companies paying full tax.

In brief: Asian Development Bank downgrades Papua New Guinea’s growth outlook, and other business stories

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.

Papua New Guinea participates in a global transparency initiative for the resources industries

Papua New Guinea has participated in its first report to the Extractive Industries Transparency Initiative (EITI), which is a global effort to improve transparency in resource rich countries to help them avoid the so-called ‘resource curse’.

In brief: Loan for Oil Search shares already signed and other stories

Officials reveal loan share deal signed two weeks ago, Abbott/O’Neill sign a new trade treaty and Bank PNG board happy with economy. Your weekly digest of the latest business and economic news.