economy

Good leadership, positive Lae growth

He said this is because Lae is a shipping hub, it hosts major manufacturing companies and the Okuk Highway connects Lae to the Highlands region.

Byrne attributed positive developments in recent years in infrastructure, which supports business growth, to good political leadership.

“They used to call Lae the ‘Pothole City’ but it is not anymore. We have some roads that aren’t being fixed piece by piece by great leadership and money being spent where it should be spent, including in the community as well as the businesses,” Byrne said.

Treasurer meets with Japanese counterpart

Ling-Stuckey met with Masato Kanda on the sidelines of the ADB annual meetings in Incheon, Korea, on May 3rd.

“Japan has had an extraordinary record of economic success. Over the last sixty years, it has pursued outward-looking growth and export strategies,” said the Treasurer.

“These have lifted the standard of living of Japanese families dramatically – from just $USD475 per capita in 1960 to $US39,300 in 2021 (over K100,000 per person each year).

MSMEs’ potential to expand economy

The transition to formal MSMEs will expand the economic base of Papua New Guinea (PNG).

The National Research Institute (NRI) Spotlight Volume 16, Issue 7 titled “Prospects and challenges of informal money lending in Papua New Guinea” by Joseph Kaile, Research Project Officer at PNGNRI identified challenges faced by informal finance operators and some initiatives that can be used to migrate the operators to MSMEs.

BOC appeal for economy

Speaking during a press conference today, Deputy Chairman of the Body of Christ churches, Pastor Michael Wilson raised concern about people not having enough money to take care of themselves.

The worsening economic situation in the country affecting families and communities has prompted the Body of Christ Churches to appeal to the government to seriously find strategies to improve the situation.

High- level initiatives for unemployment

Unfortunately, there were only twenty open positions.

“Minimal labour jobs. Dishwashers, waiters, waitresses.

He added, “We had seven hundred degree holders, apply to become teachers at the University of Goroka. We’ve recently had the Lae Biscuit Company shut down for two weeks because it can’t sell its products.

Nomane said Papua New Guinea has a youth bulge issue in the country that the government must take note of.

“There’s too many young people without any prospects or opportunity for employment in the country.”

Catholic professionals slam gov’t decision

These were the words spoken by prominent Lawyer and President of Catholic Professionals Society PNG, Paul Harricknen, during a press conference on Thursday 16th March 2023, at the Catholic Bishops Conference Centre in Waigani.

 An opening prayer and remarks were given by Sr Daisy Lisania, Secretary for Social Communications CBCPNGSI, before statements were given by keynote speakers, Mr Harricknen; and Member of CPSPNG, Michael Varpik.

Present were members of CPS, staff of CBCPNGSI, and media personnel.

Lecturer: Keep foreign currency afloat

UPNG Economic Lecturer, Kelly Samof says to facilitate these purchases the country needs foreign currency on a daily basis continuously.

He explains that on the supply side, the main sources of foreign currency are receipts from exports and payments from resource companies such as royalties.

Speaking at the media briefing on Foreign Exchange (forex) today, Mr Samof said given the country’s small and relatively underdeveloped manufacturing sector, there is a high demand to import a variety manufactured goods for households and business use.

Economy is looking good: PM Marape

Prime Minister James Marape made this announcement on Sunday, Feb 19, 2023 and said FEED is the process for conceptual development of projects in processing such as Papua LNG.

“The two major resource projects of Papua LNG and Wafi-Golpu have not been progressed substantially for more than 20 years with their known resources, but we are now making big strides to get the projects developed,” he said.

Confidence improves despite high inflation

BSP Group General Manager - Corporate Banking, Peter Beswick in giving his insight in the 2022 BSP Quarter 4 Pacific Economic and Market Insights Report said: “Increased business and leisure travel has seen hotel occupancies reach pre-COVID levels, with many hotel and accommodation facilities near full occupancy.”

He said for its Corporate Banking Customers BSP is projecting that demand velocity will continue throughout 2023.

“Inflation on the other hand remains the primary concern for BPNG, businesses and consumers,” according to Mr Beswick.

ABG outlines 2023 focus areas

Bougainville President, Ishmael Toroama, made the statement during his New Year’s message for the Autonomous Region of Bougainville.

President Toroama said in the last three years, his government had focused on the post referendum joint consultations with the National Government.

With the 2019 Bougainville Referendum results about to be tabled in the National Parliament for ratification this year, the ABG is focused on capacity building in each of its social and development sectors.