economy

Gov’t reveals lack of financial resources

Emphasizing that the country cannot afford any more wastage in terms of funding and resources lost to fraud and corruption.

PM Marape stated, “We have been destroying our country for so long through wastage, (and) corruption and complacency. Two of the biggest cancer eating into our public service machinery and political structures – complacency and corruption.”

The Prime Minister said he wants perpetrators of corruption to be prosecuted with the full force of the law.

BSP confident with results

BSP Group CEO Mark Robinson emphasized that BSP, so far the leading South Pacific brand is continuing strong profits and shareholder returns, the company’s capital base remains solid, and attractive economic growth rates and movement to digital channels.

Pundari’s queries delayed impact projects

The Prime Minister only makes statements upon credible advise from state agencies and they are expected to deliver on these announcements.

An irate Kompiam Ambum MP said, “Our business, especially SMEs are suffering, health facilities are running short of essential medical supplies, schools are operating without adequate government support and their operations are impacted as a consequence, shortage of Forex impacting businesses, inflation hitting hard on families, unemployment on the rise and others.”

IRC achieves revenue growth

Impressively, K7.211 billion was transferred to the Waigani Public Accounts by June 2023, exceeding expectations. Excluding the 2022 carryover balance, the IRC achieved unprecedented heights in revenue collection during the first half of 2023, as per its revenue performance report.

The IRC stated that the K6.891 billion generated surpassed the year-to-date target by an impressive 20 percent and a remarkable 10 percent increase compared to the half-year results of 2022.

The leading tax types that have contributed 90 percent of the 2023 half-year collections are:

Maru says rice is overpriced

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.

PNGX welcomes market growth targets

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.”

Treasurer affirms Govt’s plan

“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.

Significant policy reforms necessary

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 2022 Results, Challenges

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.

Govt addressing FX issue: Treasurer

“A bigger problem than law and order issues, a bigger problem than power shortages or lack of skilled staff,” said Ling-Stuckey, who is also Kavieng MP. 
 
“This is why the Marape-Rosso Government wants to return to full Kina convertibility so that our currency has full standing in the international community.