![]() Papua New Guinea Prime Minister James Marape yesterday gave a report of his government’s performance over the last 12 months in office. Speaking in a media conference , Marape says his government lifted the GDP growth rate from a recession minus 0.8% in 2018 to 5% in 2019. He claims his government is using good budget approach to lift our economic recession however COVID-19 has held back their efforts “But our economy will prevail as it is robust” Marape promised. ![]() MOTHERS who are actively involved in small and medium enterprises (SMEs) in Moresby North East will continue to receive financial assistance, local MP John Kaupa says. Kaupa said K1 million would be used to empower women and mothers this year. ![]() The Papua New Guinea Government has allocated K600mil out of the K5.7 billion coronavirus economic stimulus package for the health, security and economic sectors. The country's Treasurer Ian Ling-Stuckey said K280 million of the K600 million would go to health, security services, customs and foreign affairs and trade. He said K320mil would be spent on supporting the economic sector, agriculture, families and businesses. ![]() By Hon. Charles Abel I write to express my concerns about our economy and the current and future impacts on our private sector, smes and citizens. It is not about blame. Challenges have been created by past governments as well. It is about solutions to avoid unnecessary pain for our people, including what i tried to do as treasurer for 18 months. "Nationalism or Patriotism are well meaning but can lead to bad or misguided policies that do more harm than good. We only need to look at the African experience, particularly Zimbabwe and Uganda. The rise of Facism and Nazism in World Wars 1 and 2 are more extreme examples. ![]() FOREIGN currency (forex) volumes from exporters declined in the first quarter of the year by 12.5 per cent, compared to the final quarter of last year, says a bank executive. Rohan George, the Bank South Pacific group general manager treasury, said the decline was due to seasonal factors such as price and production. George provided the observation in the bank’s quarterly market insight released yesterday. ![]() THE Covid-19 pandemic is taking its toll on the economy which is continuing to contract six weeks into the lockdown, with further negative growth predicted, Papua New Guinea Treasurer Ian Ling-Stuckey says. He said according to a commissioned research into the impact of the lockdown, the Gross Domestic Product forecast at 2 per cent in the 2020 national budget would drop to minus 1.5 per cent (-1.5 pc). |
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