economy

Yet, much of the population have not benefitted from these revenues.

A report recently published by the PNG Conservation and Environment Protection Authority (CEPA) and UNDP, “Making Nature’s Value Visible: Valuing the Contribution of Nature to Papua New Guinea’s Economy and Livelihoods”, outlined this.

“It is the mostly subsistence-based agriculture, forestry and fishing sectors that account for a quarter of the GDP, and supports over 80 percent of the population,” said UNDP.

The current outstanding debt is comprised of K25.2 Billion from domestic sources and K22.9 Billion from external sources.

According to the Bank of PNG Central Bank Quarterly Economic Bulletin for the month of December, the total Government deposits at depository corporations increased by K1.3 Billion to K5.2 Billion, mainly between November and December of 2021. 
 
This increase reflected drawdowns of external budget support as well as financing from domestic sources.

PM Marape said, “I want Papua New Guinea in the next decade to be a K200 billion economy. I wanted Papua New Guinea to be the Richest Black Christian Nation on Earth.”

The PM emphasized that his statement recognized that Papua New Guinea’s political forebears ushered in political independence in 1975.

He said they crafted legislations, built institutions, wrote policies and established relationships to deliver us political independence.

“Our judiciary is an assurance that we have the rule of law as the guide to business, commerce and living in PNG. “We have survived economic turbulence, law-and-order issues, changes of government, natural calamities and many others, thus, we will be bigger, better and stronger into the future. As a matter of assurance to all of you who have business interests in PNG, at this juncture, I want to say ‘thank you’ to all the business community of our country,” he said.

PM Marape made these statements at the Annual PNG-Australia Business Forum in Brisbane.

He says this is attributed to recent developments in the resource sector which several major projects.

BSP Group CEO Robin Fleming, says a higher level of confidence in the PNG Economy is expected by the end of 2021.

This follows developments in key resource projects such as the Fiscal Stability Agreement signed between the Government and Total and Joint Venture Partners of the Papua LNG Project, as well as the Environmental Permit awarded to Wafi-Golpu Joint Venture for the mine negotiations to gin on the Wafi-Golpu Mine.

Additionally, strengthening the business environment to spur private sector development will also facilitate broad-based and inclusive growth in Papua New Guinea, according to a report released by the World Bank today.

The World Bank’s Papua New Guinea Economic Update: Slower Growth, Better Prospects, is the second in a series, and was launched in Port Moresby, providing an in-depth analysis of PNG’s economy, together with a special focus on developing PNG’s private sector as an engine of inclusive growth and jobs creation.

Prime Minister Peter O’Neill says they expect this growth trend to continue into the next medium term.

Business houses at this morning’s Port Moresby Chamber of Commerce and Industry breakfast were told that the Government intends to ensure that the economy continues its steady growth over a long period of time.

Prime Minister Peter O’Neill also used the opportunity to reveal that Cabinet approved the 2019 budget yesterday.

“And that again shows a strong sign of recovery. The indications are very, very positive,” he said at the Hilton Hotel this morning.

The charter flight led by Prime Minister O’Neill with government delegation last Wednesday was used as a test flight by Air Niugini with the various NAC verifications.

Prime Minister Peter O’Neill said PNG must tap into the developments that is taking place around the world and China is an example to learn from.

He said it has been a privilege to see first-hand the dynamic developments and core initiatives of the Shanghai Free Trade Zone whilst visiting Administration of the Shanghai Free Trade Zone in the New District of Pudong last Friday.

O’Neill told delegates at the 2^nd Petroleum and Energy Summit in Port Moresby yesterday that though the shutdown of the PNG LNG Project will cost the Government a lot of money, they will recover.

PM O’Neill however said the partnership with development partners is very important as Government cannot work alone but go in partnership for a win-win situation for both parties.

He said the Government will be working closely with ExxonMobil and Oil Search for the reoperation of the PNG LNG Project.

And Business Council of PNG President Robert Nilkare says the time to invest in agriculture is now.

Nilkare said agriculture is at the core of all Papua New Guineans and needed significant investment.

Speaking at the Prime Minister’s Back to Business Breakfast in Port Moresby, Nilkare said for too long the mineral sector has been relied on to bolster the economy.

He said while major centres of the country are moving towards technological advancements, the rural people still rely on the cash crop economy.