Bank of PNG Governor

Bank of PNG Governor, Loi Bakani, made this point during the Certified Practising Accountants of PNG conference in Lae.

The two-day Certified Practising Accountants of PNG conference for the Momase and Highlands region started on Thursday at the Lae International Hotel.

Bakani presented on the impact of the global economic crisis on PNG’s foreign exchange market.

During question time, an attendee highlighted the depreciation of the Kina by 41 percent from 2012 to 2020.

The BMC comprises of Chairman and Treasurer, Ian Ling-Stuckey, Finance Minister John Pundari, Planning Minister Rainbo Paita and his Vice Minister, Dr Kobby Bomareo.

In explaining the purpose of the meeting, Ling-Stuckey said: “We have heard the frustrations of our local businesses, Members of Parliament and Government agencies, with late and declined government payments. This has to stop if we are to deliver services to our people.

Following the launching of the Second National Financial Inclusion Strategy 2016 – 2020 yesterday, Bank of PNG Governor, Loi Bankani, said SMEC was an important stakeholder in the financial inclusion exercise and have been considered in the plan.

He said it was a Government priority to boost the SME sector in PNG and has been identified as a key element of their strategies.

The NFIS 2016- 2020 identifies SME Finance as a ‘Strategic Objective’ number six with an access to and usage of finance SME’s.

This is done through: