![]() THE Papua New Guinea Government is expected to announce next week a K1.26 billion in “concessional financing” from the International Monetary Fund with no interest, says Treasurer Ian Ling-Stuckey. He told Parliament that at least K1.5bil in additional concessional financing was “well advanced”. He also said the access to superannuation legislation would be debated in Parliament. THE latest economic forecast indicates a K2.2 billion decrease in internal revenue, according to Papua New Guinea Treasurer Ian Ling-Stuckey.
Ling-Stuckey said in parliament yesterday that this was the result of the significant impact of the Covid-19 pandemic. ![]() The Leader of the National People’s Congress Party, . Peter O’Neill, , has called on the PNG Treasurer to confirm that the Government is negotiating with the International Monetary Fund for a new US$364 million loan through the IMF, that he has attempted to hide from the Parliament and the country. Mr. O’Neill said to make matters worse, the new IMF loan is being undertaken by foreign consultants, and not Treasury Officials who are mandated by law to undertake these negotiations on behalf of the nation. ![]() The People’s National Congress Party (PNC) does not support any further continuation of the State of Emergency after legislation was bulldozed through Parliament this week, and calls for immediate debate on proposals for the way forward after the SOE. PNC Party Leader, Hon. Peter O’Neill, CMG, MP, said the government cannot continue to delay their proposals for moving beyond the SOE as people are suffering because of the way the SOE has been mismanaged. ![]() THE current supply of foreign exchange in Papua New Guinea is not as bad as what has been claimed by some businesses and companies in the country, according to an official. Bank of PNG (BPNG) governor Loi Banaki told The National yesterday that commencement of some of the major resource projects in the country would help in the foreign exchange supply. “The situation is still the same,” he said. “There are two things. “One is that the providers of foreign exchange like, Porgera is out now, it is not exporting. ![]() The Marape-Stevens Government is releasing K44.5 million from its coronavirus Economic Stimulus Package to support micro, small and medium enterprises (MSMEs). “This targeted, decentralised support will get to those who need it most as quickly as possible. The money, K500,000 for each district, has already begun to flow to district COVID-19 accounts. “The informal sector and MSMEs are the backbone of the rural economy and provide livelihoods for over 80 percent of the population. By supporting MSMEs, we support the rural and subsistence economy throughout the nation, which has been hard hit by the State of Emergency lockdown.” |
Papua New Guinea Economy WatchThis blog page updates all the Economy activities in Papau New Guinea. ..Get Free Webpage for your company/Organisation . Contact us Mining & Petroleum |