World Bank

World Bank support welcomed

“The support, on very concessional terms, will be used to fund our budget, strengthen the Government’s general health operations and to respond to COVID impacts around the country,” Ling-Stuckey outlined.

“Protecting lives is the first priority in our war, and this money will strengthen the front-line defenses we have put in place.

World Bank assists PNG Power

The PNG Energy Utility Performance and Reliability Improvement Project (EUPRIP) comes at a crucial time for PNG, with people across the country facing major challenges with poor access to electricity, and even for those with access; unreliable power supplies and lengthy blackouts that are impacting homes, businesses and the delivery of critical services.

Govt seeks loan extension

The extension, to April 28 2023, is to allow for the completion of procurement and works on the Bogia-Awar section of the Coastal Highway and the Epo-Kerema section of the Hiritano Highway.

“These projects are part of a long-standing Government-World Bank commitment to improving transport infrastructure,” Treasurer Ian Ling-Stuckey said.

The road maintenance and rehabilitation project has played a critical role in improving the major roads network across Papua New Guinea, Ling-Stuckey said, and it is now being put back on track.


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.