Bakani calls for tougher revenue measures

Bakani, in his Quarterly Economic Bulletin also reiterated his call for Government departments and agencies to live within their means while maintaining critical services for the public.

He said the level of foreign exchange reserves as of Dec 30, 2016, was K5,266.9 (US$1,685.4) million, compared to K5,467.5 (US$1,725.1) million at the end of September, 2016.

Bakani explained that the Government’s decline in revenue in 2016 is due to low commodity prices and low tax collections.

He said both revenue and expenditure have been lower than budgeted for in 2016.

BPNG and Oxfam drive financial literacy in Highlands

A memorandum of understanding  (MoU) was signed last Friday Nov 25, by the Assistant Governor of the Bank of PNG, Ellison Pidik and David Shields, the Livelihoods Manager from Oxfam to carry out the project.

Speaking at the occasion, Shields said the Financial Literacy trainings cover budgeting and saving for families’ lik-lik businesses, including gardening sales.

“With these skills, families will be able to plan better for their financial futures, and achieve their financial goals”.

BPNG: G4S robbery cash is safe

The bank confirmed the status of the cash monies through a number of affidavits produced in court on Wednesday, after an order was issued by Justice Panuel Mogish on Tuesday to have the Governor of BPNG inform the court through an affidavit of the status of the monies.

The bank through its officers did not indicate the exact figure or cash it had in custody but stated the monies are safe. 

O’Neill brushes aside Sir Mekere’s claims

He said the Central Bank operates as an independent entity and the Government has no dealings with its roles

Sir Mekere in a statement claimed that the O’Neill Government’s political interference in the Bank of Papua New Guinea is threatening the stability of the nation’s financial system and state finances, and increasing risks for bank depositors and investors in financial institutions.

Inflation is manageable: Bakani

In its March 2016 Monetary Policy statement, Bank of Papua New Guine Governor Loi Bakani stated that the annual headline inflation was 6.4 percent in 2015, compared to 6.6 percent in 2014.

“This outcome was mainly due to the pass-through effects of the depreciation of the kina exchange rate and the El Niño weather phenomenon, which more than offset the effects of low international food and oil prices, increased competition and cheaper imports.”

PNG Loop 5@5

Govt may not achieve LNG targets: Bakani warns

In November 2015, the National Parliament passed the 2016 Budget with a planned total expenditure of K14.8 billion, which is 2.4 percent lower than the 2015 Budget estimate, and revenue of K12.7 billion.

The Budget deficit therefore is K2.1 billion or 3.3 percent of GDP.

Bakani, in his Quarterly Economic Bulletin said the K12.7 billion revenue is expected to be largely driven by the mineral and petroleum tax.

He said since the release of the 2016 Budget, international prices for mineral and petroleum has dropped further and are forecast to be even lower.

Workshop to deal with reporting of financial results

The three day training will look at providing a comprehensive understanding of the Smart Campaign to participants to conduct client protection self assessment for their microfinance institutions and identify vulnerabilities and strengths and to prioritize areas to strengthen client protection.

The training will also partially focus on understanding rules and regulations applicable to Papua New Guinea microfinance markets, as applied by regulators in PNG.