Prime Minister James Marape on a free trade agreement with China, invitation to the United States to invest in Papua New Guinea extended, and renewed interest in the Solwara One project.
International credit rating agency Moody’s has changed its outlook on the Government of Papua New Guinea’s B2 rating from ‘stable’ to ‘negative’. What’s behind the move and what does it mean?
Papua New Guinea’s Government is set to rely heavily on concessional finance from multilateral institutions, according to ratings agency Moody’s. The agency is maintaining a B2 rating for PNG debt but has some surprising revelations about the country’s finances.
Papua New Guinea’s Prime Minister has announced a US$13 million airport in Mendi and Moody’s has changed the country’s issuer ratings from negative to stable. Your weekly digest of the latest business news.
The Prime Minister Peter O’Neill has criticised external commentators for ‘bias’ when assessing the PNG economy. Speaking at the 34th Australia Papua New Guinea Business Forum in Brisbane, he expressed optimism about the proposed Papua LNG project but said the economy has to be diversified to avoid boom and bust cycles.
The ratings agency Moody’s has affirmed Papua New Guinea’s B2 rating, but downgraded it from ‘negative from stable’, citing higher government liquidity risks, increased gross borrowing requirements and limited funding sources. It points to a growing reliance on short-term debt.
Moody’s recently downgraded its sovereign rating on Papua New Guinea to B2 from B1. But Christian de Guzman, a Senior Analyst in the Sovereign Risk Group for Moody’s Singapore tells Business Advantage PNG that the agency is ‘quite confident’ about the overall economy’s prospects over the medium-term.
Moody’s downgrades Papua New Guinea ratings, National Broadband Network to be launched by year’s end, and warnings of a ‘crisis’ in the oil services industry. Your weekly digest of the latest business news.
Bank of South Pacific finalises purchase of Westpac’s Tonga, Samoa and Cook Islands banks; Special Economic Zone agreement in East Sepik and Santos reportedly buying into P’nyang gas field. Your weekly digest of the latest business news.
Port Moresby Chamber applauds development of Northern Australia, Papua New Guinea well-placed on global LNG stage, and SP Brewery launches new brew. Your weekly digest of the latest business news.
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