Key meeting this week to agree on Action Plan to boost major Papua New Guinea power grids

Hopes are high that an action plan to resolve the problems facing Papua New Guinea’s three main power grids will be endorsed at a key stakeholders’ meeting in Port Moresby this week, according to Gavin Murray, the International Finance Corporation’s (IFC) Country Manager for the Pacific region. Papua New Guinea’s grid development plans are being reviewed, with the aim of setting the priorities for upgrading the PNG’s major existing grids—Port Moresby, Ramu, and Gazelle—Murray told

‘Light at the end of the tunnel’ for businesses wanting foreign exchange

There is ‘light at the end of tunnel’ for businesses struggling to access foreign exchange, according to the CEO of the country’s biggest bank, BSP. Robin Fleming says investment in the mining and petroleum sector and a new Sovereign Bond are the keys to boosting foreign exchange inflows. Since June 2014, Papua New Guinea businesses have been struggling to gain access to foreign exchange, with an estimated K$1.2 billion waiting to be converted. But the

Prime Minister O’Neill challenges Papua New Guinea male leaders to play their part in eliminating domestic violence

The level of domestic violence in Papua New Guinea is ‘simply unacceptable, it is a shame on our communities and it is a shame on our nation’, according to Prime Minister Peter O’Neill. In a speech marking White Ribbon Day last week, he called on leaders in business, communities and the professions to take a lead in eliminating domestic violence. The following is an edited extract of his speech. We need to make the elimination

2016 WILL BRING PRESSURE ON PNG GOVERNMENT FINANCES AND CURRENCY, SAYS ASIAN DEVELOPMENT BANK

Papua New Guinea will find itself in a tight fiscal situation in 2016, according to the latest analysis by the Asian Development Bank’s economists. While more efficient public spending could yield large savings, they suggest more may need to be done to arrest the downward pressure on the currency. The latest edition of the Pacific Economic Monitor also states that PNG has been hardest hit among Pacific economies by the fall in commodity prices, worsened

Reaction to Papua New Guinea’s 2016 Budget: necessary cuts but still some challenges, say experts

The Papua New Guinea Government has made tough decisions in its 2016 Budget to avoid a cash and macroeconomic crisis. Business Advantage PNG talks to some experts on how the budget measured up to expectations, and what is still needed. ‘Reporting on the general government budget has definitely improved, thanks to parts of the Budget adopting new reporting standards,’ Troy Stubbings, Managing Partner at KPMG in Papua New Guinea told Business Advantage PNG. ‘It’s a

Opinion: a new action plan for Papua New Guinea tourism urgently needed

Following on from the Governor of the Bank of Papua New Guinea’s recent comments about the need to develop Papua New Guinea’s tourism industry, Melanesian Tourism Services’ Managing Director Sir Peter Barter argues for urgent cooperation between government and industry. It is rather interesting to read that the Governor of the Bank of Papua New Guinea has focused attention on the potential of tourism in PNG. Many—including myself—have tried our best, but we have continued

Impact of 2015 Papua New Guinea drought may be worse than 1997, reports agricultural scientist

Now in its fifth month, Papua New Guinea’s drought is having its biggest impact in high altitude locations and on the fringe of the Central Highlands, according to agricultural scientist, Dr Mike Bourke. He told Business Advantage PNG that this year’s drought is at least as bad as the 1997 drought, which affected nearly a million people in rural PNG. Agricultural scientist Dr Mike Bourke, who has been working continuously in PNG since 1970 and

PNG passes budget for tougher times

Yesterday, Papua New Guinea’s Treasurer Patrick Pruaitch presented both the 2016 National Budget and a Supplementary Budget for 2015. Both budgets – highly anticipated given the PNG Government’s need to address lower revenues – make cuts to projected expenditure and find additional revenue resources in order to keep the budget deficit under control. First, the good news. Government revenues are now expected to be K12.64 billion for 2015, compared to K11.85 billion in 2014, and

Lae Botanic Gardens Design Plan

The National Advancement Program for the Lae Botanic Gardens has launched their design plans for the restoration of the Gardens. Click here to download the full design plan presentation. If you have any questions or feedback on these plans, please contact Sarah Warne on sarahignjic@hotmail.com or Michael Lovave at mlovave@fri.pngfa.gov.pg.

Reserve Bank Governor says PNG has lot to learn from Fiji about tourism

Despite being the biggest Pacific nation, Papua New Guinea is lagging behind its neighbours, holding only 10% of the regional tourism market, says the Governor of the Bank of Papua New Guinea, Loi Bakani. And on a global scale, PNG ranks last in terms of benefitting economically from tourism activity. Although endowed with rich environmental and cultural resources, the tourism industry has contributed little to PNG’s economic growth, the Governor of the Bank of Papua

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