World Bank

According to the World Bank’s Country Program Evaluation released recently, although resource sector development, associated infrastructure s

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.

Member for Kundiawa-Gembogl William Onglo, Governor for Simbu Michael Bogai Dua, Minister for State Enterprises William Duma, Kumul Consolidated Holdings Managing Director Isikeli Taureka, stakeholder representatives and Water PNG officials, witnessed these milestone achievements.

Acting Managing Director for Water PNG Ltd Parkop Kurua said that the Bulolo project had two parts and the days signing event was to witness PART A of the water supply project.

Member for Kundiawa-Gembogl William Onglo, Governor for Chimbu Michael Bogai Dua, Minister for State Enterprises William Duma, Kumul Consolidated Holdings managing director, Isikeli Taureka stakeholder representatives and Water PNG officials, witnessed these milestone achievements.

Acting Managing Director for Water PNG Ltd, Parkop Kurua said the Bulolo project had two parts and the days signing event was to witness Part A of the water supply project.

“The support, on very concessional terms, will be used to fund our budget, strengthen the Government’s general health operations and to respond to COVID impacts around the country,” Ling-Stuckey outlined.

“Protecting lives is the first priority in our war, and this money will strengthen the front-line defenses we have put in place.

The PNG Energy Utility Performance and Reliability Improvement Project (EUPRIP) comes at a crucial time for PNG, with people across the country facing major challenges with poor access to electricity, and even for those with access; unreliable power supplies and lengthy blackouts that are impacting homes, businesses and the delivery of critical services.

The extension, to April 28 2023, is to allow for the completion of procurement and works on the Bogia-Awar section of the Coastal Highway and the Epo-Kerema section of the Hiritano Highway.

“These projects are part of a long-standing Government-World Bank commitment to improving transport infrastructure,” Treasurer Ian Ling-Stuckey said.

The road maintenance and rehabilitation project has played a critical role in improving the major roads network across Papua New Guinea, Ling-Stuckey said, and it is now being put back on track.

During the launching of the World Bank Economic Update Report on PNG, World Bank Senior Economist for Papua New Guinea, Ilyas Sarsenov, said PNG’s economy in the future remains positive.

The delays in major resource projects means the mid-term will remain sluggish.

The visit yesterday (Aug 5) was part of the Energy and Extractives sector high level mission led by Ranjit Lamech, World Bank Director for Infrastructure in the East Asia Region.

The aim of the visit was to discuss key priorities of the new government in the energy and extractives sector. This is ongoing support to GoPNG for these particular sectors and the expected outcome is strengthened World Bank-GoPNG engagement.

Its vice president for East Asia and the Pacific, Victoria Kwakwa, was in Tonga last week for talks.

Ms Kwakwa said the World Bank was working closely within Australia's Step Up and New Zealand's Pacific Reset programmes.

"We've been working on several things including supporting countries to strengthen their climate change resilience, working to support policy reforms to build their economic resilience and we're also working together on the connectivity agenda," Ms Kwakwa said.

"As you know, this region is very remote, even compared to other small island states."