economy

A recent investigation completed by the department found the price of rice on the shelves of shops in Port Moresby showing Rigo Rice to be the cheapest, selling at K3.50 per kilo while the most expensive rice is retailing at K7.48 per kilo.

Minister Maru said he could not understand the rice pricing if rice was a price-controlled item.

Minister Richard Maru outlined the objective when announcing the new PNGX Corporate Debt Market. 

The current total market capitalisation is K135 billion. The target represents an increase of 350 percent.

“We would like to thank the Minister for his final approval of the new corporate debt Market,” said PNGX Group Chairman, David Lawrence. 

“We would also like to thank the International Finance Corporation (IFC), the ADB Private Sector Development Initiative (PSDI) and the Securities Commission of PNG for their work and support.”

“There has been much speculation on the value of the Kina. What are the current views internationally and domestically?

“How do we measure the value of the Kina?

“These are all important questions that are being considered by the Marape-Rosso Government as it prepares a roadmap for foreign exchange and monetary policy reforms by August. 

“However, until we get some more numbers on winners and losers from any changes, we are not planning to include any specific figures into the August policy roadmap” stated the Treasurer.

Papua New Guinea’s economic potential is restrained by excessive macroeconomic volatility, low productivity growth, and excessive reliance on natural resources, while at the same time missing opportunities to take full advantage of its human capital, according to the report, Country Economic Memorandum for Papua New Guinea.

NSL's Chief Executive Officer Paul Sayer, presented to employers an overview of the Fund’s 2022 results including the challenges faced, the positive outcomes and NSL’s plans for 2023 and the future.

“In 2022, the Fund faced challenges on several fronts and worked hard to mitigate the adverse effects of the tough global and local economic conditions brought on by factors well outside of our control,” Sayer stated.

“Despite, the challenges, NSL managed to grow the Fund’s Net Asset Value to K8.99 billion.

Minister for Works and Highways, Solan Mirisim, when giving his Ministerial Statement in parliament on yesterday, said roads facilitate development of much of the natural resources as well as development and movement of major cash crops in the country.

He said in recognition of this, the key economic growth goal of the Medium-term Development Plan III (MTDPIII) is to “improve infrastructure with sustainable and disaster resilient quality to provide more enabling environment for growth of the economy and for the improvement of service delivery.”

According to the World Bank’s latest Economic Update, PNG’s fiscal deficit is estimated to have narrowed to 5.4 percent of GDP in 2022, compared to 6.8 percent in 2021 which reflects the Government’s continued fiscal consolidation and work to safeguard macroeconomic stability.

The World Bank Papua New Guinea Economic Update reports has recommended that the country must continue implementing its plan to reduce the budget deficit.

According to the Bank of PNG Monetary Policy Statement for March 2023, Acting Governor Elizabeth Genia said the Central Bank expects this growth to continue into 2023 driven by increased activity in the non-mineral sector, supported by the Government’s expansionary fiscal policy2 and growth in the mineral sector.

She said the external sector is projected to weaken in 2023 mainly reflecting a decline in commodity prices due to a slowdown in the global economy.

The State Enterprise Minister is responsible for PNG Power and Water PNG, and this was an important meeting to ensure alignment in these crucial areas. The two leaders discussed candidly and expressed their desire to waste no time in finding solutions.

The meeting was held ahead of the commissioning of the Eduvu Power Plant, which is set to come online in July of this year. The plant will go a long way towards meeting the growing demand for energy in the City.