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.
The suspension of Parliament means that Papua New Guinea’s 2021 National Budget will be delayed until at least next month and possibly longer. Whenever it is finally delivered – and whoever delivers it – the recently released Budget Strategy Paper clearly outlines the challenges it must address.
The Asian Development Bank is looking to provide as much as US$800 million (K2.8 billion) in new funding to support Papua New Guinea’s budget, according to its Country Director, David Hill.
Papua New Guinea’s Prime Minister talks business during Independence dinner, Tari Airport reopens and Treasurer Ian Ling-Stuckey on the Central Banking Act. The business news you need to know to kickstart your week.
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.
Papua New Guinea’s National Executive Council has announced that K600 million will start to flow to the health, security, agriculture, business and household sectors as a first step in the government’s K5.7 billion coronavirus Economic Stimulus Package. Treasurer Ian Ling-Stuckey said this is K100 million more than was initially planned.
The government’s COVID-19 bond was oversubscribed after the first week, according to Treasurer Ian Ling-Stuckey. He said over K1 billion was raised and that the money will help protect Papua New Guineans from the worst effects of the coronavirus pandemic.
Three academics, Dek Joe Sum, Maholopa Laveil and Stephen Howes, analyse Papua New Guinea’s monetary easing measures in response to COVID-19.
Papua New Guinea to take over Porgera Mine, Mining Minister is looking to restart Wafi-Golpu discussions and Shadow Treasurer urges the introduction of a supplementary budget. The business news you need to kickstart you week.
Amid claim and counter-claim, the true state of the Papua New Guinean economy is lost amid personality politics, argues Divine Word University’s Bernard Yegiora.