World Bank

Positive economic growth delayed

During the launching of the World Bank Economic Update Report on PNG, World Bank Senior Economist for Papua New Guinea, Ilyas Sarsenov, said PNG’s economy in the future remains positive.

The delays in major resource projects means the mid-term will remain sluggish.

Strengthened PNG-World Bank engagement

The visit yesterday (Aug 5) was part of the Energy and Extractives sector high level mission led by Ranjit Lamech, World Bank Director for Infrastructure in the East Asia Region.

The aim of the visit was to discuss key priorities of the new government in the energy and extractives sector. This is ongoing support to GoPNG for these particular sectors and the expected outcome is strengthened World Bank-GoPNG engagement.

World Bank to prioritise climate change resilience in Pacific

Its vice president for East Asia and the Pacific, Victoria Kwakwa, was in Tonga last week for talks.

Ms Kwakwa said the World Bank was working closely within Australia's Step Up and New Zealand's Pacific Reset programmes.

"We've been working on several things including supporting countries to strengthen their climate change resilience, working to support policy reforms to build their economic resilience and we're also working together on the connectivity agenda," Ms Kwakwa said.

"As you know, this region is very remote, even compared to other small island states."

Priorities for World Bank funding set

This follows a visit to Minister Maru by the World Bank Country Director of the Pacific Islands and PNG, Michel Kerf, where they discussed the Country Partnership Framework.

The Minister gave the World Bank six critical areas for long term focus to concentrate funding support in; Major Road Infrastructure, Youth Employment and Skills Training, Budget Support, Agriculture Development, Health and District Town Water Supply.


Shadow Minister welcomes World Bank report

Shadow Minister for Treasury and Finance, Ian Ling-Stuckey, said: “It is positive that international organisations, even those where governments control the Board of Directors, can bring in technical expertise and more independent commentary.

“There is much wisdom in the report, especially in terms of stimulating private sector development through competition rather than backing government besties and cronies, as well as a good focus on getting agriculture growing again.

Slower growth, better prospects for PNG

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.

DPM attends World Bank AGM

These meetings are held outside of Washington once every three years.

The DPM attended roundtable of early adopters of the Human Capital Project as one of 27 countries.

He expressed PNG’s condolences to Indonesia for the recent tsumami disaster.

Abel also spoke of the cross cutting issue of rapid population growth and its impacts on maternal and child health and macro pressures on government financing and the environment in developing countries.

Invest more in health: Report

The report is part of a new biannual series, The Papua New Guinea Update, which aims to analyse key economic developments and provide an in-depth examination of a selected development issue.

The first series, titled Reinforcing Resilience, focuses on health in PNG. 

Comparing PNG to other developing countries in Asia, who will see a decline in the number of the working population, Papua New Guinea will see an increase in the next 50 or so years.

Govt in talks to secure US$100m loan

Acting Prime Minister and Treasurer Charles Abel, accompanied by some Ministers and government officials, met with World Bank officials on Wednesday in Port Moresby to discuss a way forward.

Treasurer Abel explained that the funding will not be for any specific program but to support the 2018 Budget.

He added that the Government will also be working alongside other agencies like the IMF for a short and longer term support through the Budget.

WB mission ends another successful check

The mission included field visits to project sites in four provinces including Eastern Highlands, Morobe, Madang, East Sepik and East New Britain.

The Mission met with PPAP coffee project management unit in Goroka and the cocoa component in Kokopo.

In the first meeting at Coffee Industry Corporation’s (CIC) head office in Goroka, Chief Executive Officer, Charles Dambui, praised the PPAP modality for its transparent and accountable process.