PACD project receives US$40 million in funding

The PNG agriculture commercialisation and diversification (PACD) project has received US$40 million (around K140 million) in funding from the World Bank. Jane Sprouster, senior operations officer for the World Bank PNG and Pacific Islands, said the project would benefit and assist 20,000 farmers. Sprouster added that she hopes it will allow them to reach commodity targets set by the 2021 to 2023 agriculture medium-term development plan. “The World Bank’s global

PNG customs get tough on local manufacturers and importers

David Towe, the PNG Customs chief commissioner, has warned stricter measures are being introduced. He said local manufacturers and importers had been warned that they could face fines of a million Kina if they failed to comply with the law and didn’t pay taxes. “Last year, we increased all the penalties that applies to the non-compliance; in the past, it was not tough. The penalties have increased almost 100 per

Inflation may hit seven per cent and persist into next year

According to Robert Maxwell, the chief executive officer of International Container Services Inc South Pacific, Papua New Guinea is forecast to reach 6-7% inflation this year. He said that several consulting and banking entities agreed, and the cost of living would continue to rise this year. This would mean higher costs of living for PNG citizens. Chris Anders, president of the Goroka Chamber of Commerce and Industry, has also warned

Next government to be formed in East Sepik – the potential ‘economic powerhouse’

Speaking in Maprik recently, Prime Minister James Marape described East Sepik as a potential ‘economic powerhouse’ for Papua New Guinea. Because of this potential, and also to honour the memory of Sir Michael Somare, the Marape announced the next government would be formed in the region. The prime minister was joined by the Governor of East Sepik, Allan Bird, Angoram MP Salio Waipo, the Minister of Agriculture and Livestock and

BPNG says the country is feeling the effect of global inflation

In a recent report by the Acting Governor of the Bank of Papua New Guinea (BPNG), Benny Popoitai, PNG is experiencing domestic inflation and increased import costs due to global price rises. Mr Popoitai noted that the war between Russia and Ukraine had put considerable pressure on the prices of food, fertilizer, and crude oil, as both countries were key producers of these products. The effects of the conflict were

IPA sees a significant rise in PNG business registrations

The Investment Promotion Authority (IPA) has noted a significant increase in the number of businesses registering in Papua New Guinea over the last three years. According to Clarence Hoot, the managing director of the IPA, the rise in registrations began when the pandemic reached the country. Mr Hoot said, “We are slowly seeing registration of businesses, especially from international investors and international businessmen and women, we are coming back from

International shipping rates have risen since 2020

According to statistics from the Independent Consumer and Competition Commission (ICCC), international shipping rates for containerised and general cargo have risen dramatically since 2020. This has had a noticeable effect on the price of domestic products. The sharp rise in prices for maritime freight was primarily caused by the Covid pandemic and trade imbalances. This consequently resulted in international container shortages. Paulus Ain, the commissioner and CEO of the ICCC,

PNGX joins United Nations Sustainable Stock Exchange initiative

The Papua New Guinea Stock Exchange, PNGX Markets, has become a member of the UN Sustainable Stock Exchange (SSE) initiative. The SSE initiative is UN Partnership Programme committed to promoting sustainable development around the world. By joining, PNG will be the newest partner in a network of 114 international stock exchanges. The SSE initiative aims to provide a platform for exchanges to explore and promote improved environmental, social, and corporate

PNG government launches K350 million package to help households

The Treasurer, Ian Ling-Stuckley, has announced the launch of a K350 million package to help households deal with the rising cost of living. He said the package was part of a “program of responsible budget repair”. Prices have been rising due to a number of factors, such as the Russia and Ukraine war. According to Ling-Stuckley, the PNG government’s plan is to target Goods and Services Tax (GST) cutbacks on

BSP’s first homeowner’s loan still growing despite high property costs, says Fleming

Bank South Pacific Financial Group Ltd (BSP) CEO Robin Fleming has said that the bank’s first homeowners loan scheme was still growing despite high property prices and limited land availability. He said that the loan product had provided over K420 million in funds since it began. “Since its inception in 2014, the BSP First Home Ownership Scheme (BSPFHOS) Loan has assisted 1,260 first home buyers. The total value of loan