DEBT raised in the past two years by the Papua New Guinea government has been so immense it could never have been contemplated in the past. By PNG Report’s Inside Track columnist. According to the government’s 2014 Mid-Year Economic and Fiscal Outlook Report, the projected budget deficit blowout this year has widened by K372.5 million to K2,725 million. Together with last year’s budget deficit of K2.5 billion, that takes public sector debt up by more

Brazil, Russia India, and China—the BRICs countries—provide a great example of four countries with very little natural geographical, cultural or historical ties, which have come together to focus on mutual opportunities and challenges. BRICS expert David Thomas outlines how Papua New Guinea and other Pacific nations could learn from the BRICs. BRICS 2014The four original BRICS nations are Brazil, Russia, India and China, which have now been joined by South Africa. Earlier this year, they

LAE CHAMBER OF COMMERCE CHRISTMAS FUNCTION As advised last week the LCCI will again put on a Christmas function this year. This function will be run conjointly with our member “International SOS Limited”, who will be bringing their Health Directors, to make a presentation of their operation as well as discussing the value of pre-employment and annual health checks, vaccination programs, health risk assessments, health promotion, first aid training and medical emergency response plans. This

The Papua New Guinea economy is on the edge of a ‘slippery slope’, if the Bank of PNG finances government debt and continues to fix the exchange rate at too high a rate. Former Australian Treasury advisor Paul Flanagan argues rising inflation, falling foreign exchange reserves and declining private sector credit growth are compounding the problem. The Bank has agreed to purchase any government bills and stocks that aren’t picked up by the private market,

The International Chamber of Commerce (ICC) Business Action to Stop Counterfeiting and Piracy (BASCAP) group called today on the Association of Southeast Asian Nations (ASEAN) and its 10 member states to do more to promote the value of intellectual property (IP) as a key driver for the region’s growth and economic development, and to step up intellectual property right (IPR) enforcement actions to stop counterfeiting and piracy and other IPR infringements that are hurting the

The O’Neill government is preparing to deliver its 2015 budget, against a backdrop of rising government debt and rising expenditure. Business Advantage PNG asks what business needs and what it might expect. With income from agriculture and the resources sector down, business leaders and analysts are expecting a tough 2015. ‘We have low commodity prices at the moment,’ says the Institute of National Affairs’ Paul Barker. ‘The old reliables that provided PNG revenues from-gold, copper

PAPUA New Guinea’s relationship with the European Union is growing from being predominantly based on development support to increased trade and investment engagement through business cooperation, according to the prime minister. Peter O’Neill discussed the matter during a meeting with the European Union head of delegation to Papua New Guinea, ambassador Martin Dihm in Port Moresby. Following the meeting, O’Neill said more PNG products were being sold in European countries than ever before, and European

The steady emergence of Papua New Guinea’s Barramundis national cricket side has led the sport’s managing body in the country to introduce professional player contracts—a major step in the development of the sport in PNG. Professionalism in Papua New Guinean cricket has taken a significant step forward after the national team’s players signed inaugural full-time contracts last month. PNG’s national team, known as the Barramundis, is currently competing as full-time professionals for the first time