economy

More than 50 police vehicles enter UPNG Waigani campus

More than 50 police vehicles entered the University of Papua New Guinea’s main Waigani campus at around 4.45am today.

http://www.looppng.com/content/more-50-police-vehicles-enter-upng-waigani-campus

‘Let them come in and attend classes’

President of PNG Chamber of Mines and Petroleum, Gerea Aopi stated in his address at the Second APEC Business Advisory Council (ABAC 2) conference in Port Moresby for 2016 on Monday, April 25。

Aopi cited examples that on the minerals front, the discoveries at Frieda River in West  Province and at Wafi-Golpu in Morobe Province are among the largest undeveloped copper-gold deposits in the world.

Polye said this after ascertaining the PM, urging exporters to bring their off-shore funds to cushion the current shortage of foreign exchange.

He said he also understood there were plans afoot for the Prime Minister and his government to review the terms and conditions under the controversial Union Bank of Switzerland (UBS) K3 billion loan agreement.

“Well-placed sources tell me that Mr O’Neill’s Public Enterprise Minister William Duma and, Petroleum and Energy Minister Ben Micah are working on this arrangement.

He attributes the state of PNG’s economy to the drop in revenue for PNG with the decline in prices for oil, gold and copper.

He says although the government was anticipating growth for the economy, the hard times now mean the country will have to live within its means.

Institute of National Affairs (INA) Director Paul Barker told Loop PNG via email that it’s not the result of any action or inaction on BSP’s part, but it’s really the reflection of the poor economy growth.