economy

Revitalizing the Bougainville Economy

President Ishmael Toroama announced this in the region’s parliament this week, stating that this program has been identified as an immediate priority for the Bougainville Administration. 

“This is a deliberate approach for immediate intervention to create the economic landscape to align revenue streams under Bougainville owned policies and legislations for economic development,” President Toroama said. 

FPDA financial performance stable

As a result, there has been an economic contraction and wider financing gaps in the external and fiscal accounts, which have affected the Papua New Guinea (PNG) economy.

Fresh Produce Development Agency (FPDA) is no exception, as 90 percent of its Capital Investment Projects and Recurrent Grants are funded through the national government budget on an annual basis.

Chief Executive Officer, Mark Worinu made these remarks last Friday when presenting the 2021 Annual Report to the Secretary for Agriculture, Dr Sergie Beng.

Tourism an economic driver

According to ministers gathered to promote tourism and cooperation in the region, after a week of discussions among Tourism Ministers from 21 Pacific Island countries that ended last Friday 20th October.

The CEO of SPTO, Christopher Coker, expressed satisfaction with the participants, who actively engaged in the talks throughout the week.

Why global financial markets are walking a tightrope

Financial markets have been on a wild ride for much of this year and the volatility has only increased in recent weeks.

Buffeted by geopolitical forces on three fronts — Russia, China and now the Middle East — the immediate fallout from these regional conflicts has sent short term shock waves through commodity markets.

Longer term, they have upended trading patterns and drawn the curtain on almost three decades of global trade liberalisation, ushering in a new Cold War that's threatening to turn hot. On its own, that's enough to slow growth and jack up prices.

No survey, no data

Minister for Labour and Employment, Kessy Sawang says Prime Minister James Marape has directed the Minister for Higher Education, Research, Science & Technology, Don Polye, to conduct a labour market survey as a solution.

Sawang said, “That labour market information survey is the survey of firms and businesses and it is focused on identifying the demand and supply for skills and it works out what training is required. And what training needs to be provided to our people.”

PNG economy meeting targets: Treasurer

“Indeed, of the 18 benchmarks set out in my presentations to Parliament, 17 have been met and one has had a minor delay as the updated Medium-Term Revenue Strategy has been agreed to by the Ministerial Economic Sub-Committee of the NEC, but not considered yet by the NEC itself,” the Treasurer stated.

In addition, Mr Ling-Stuckey said there has been “staff level” agreement for new benchmarks that will be taken to NEC for consideration.

Call for collective gov’t approach

Senior Member of Parliament and former Minister for Finance, Sir John Pundari claimed that the Government's priorities are misguided hence, nothing in tangible has been achieved so far.

“Let’s reset, refocus and address one challenge at a time. Patching the bleeding economy is more paramount now more than ever.

Sir John has called for a collective government approach by having a relook at priorities including cost-saving measures. He said this includes cutting back on overseas travels with a large entourage, and creating new ministerial portfolios.

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.”