World Bank Group

He said that like many of his discussions with PNG’s international friends, there was intense concern about the growing impacts of COVID-19 on the country.

“Our friends are worried about both the health and economic impacts, including the loss of jobs and incomes and budget revenues.

“Some in the opposition pretend that the COVID-19 global pandemic has not affected the economy, but the rest of the rationale world knows that it has caused enormous damage to PNG and the global economy,” Treasurer Ling-Stuckey said.

The report notes that Asia-Pacific, which will house half the world’s urban population by 2030, is a particularly promising area for investment, with an estimated $17.8 trillion worth of investment opportunities, primarily in residential buildings.

Shortages in human resource, unavailability of supplies and inadequate infrastructure have led to very low access and utilisation rates.

According to the World Bank Group report, in 2016 only a third of women had access to modern contraceptive methods, 54 percent of pregnant women attended at least one antenatal care visit and only 40 percent of women delivered with the assistance of a skilled birth attendant.

More worryingly, coverage of basic health services such as immunisation is declining.

The study, commissioned by the Australian Government, World Bank Group member IFC and the region’s leading cruise operator Carnival Australia, looked at PNG’s five main ports and identified a number of opportunities and investments to develop cruise tourism and capitalise further on the growing sector.

The study said cruise tourism brought $5.9 million Australian dollars (K14.4 million) into Papua New Guinea’s economy last year, with an estimated $0.2 million dollars (K0.48 million) in indirect economic benefits, according to a new study.