![]() By Alan Bird This week Wewak Urban LLG workers will be laid off because their revenue source the main market has been closed for 4 weeks due to COVID19 SOE. Pretty soon other taxes will dry up at national level, so no salaries for Medical Workers and other essential personnel. The government needs K120m every payday to pay its workforce. So with no tax revenue we have to borrow. GoPNG has indicated it will borrow K6b this year to help the country ride out COVID19. The highest loan in our entire history. Bear in mind that in 2011, before NA was removed from power our total debt from 1975 to 2011 stood at K6.8b, we are going to borrow almost the same amount this year alone. ![]() The Papua New Guinea economy remains a priority issue that is being discussed and dealt with on a daily basis, says Prime Minister James Marape. “We are working, everyday there’s a meeting on the economic front,” he said when asked about the impact of Covid-19 on the economy. “Security of our economy is our number one concern also, so we are not going back to sleep. A new normal lifestyle of PNG will be introduced to us, and based on advice from our health team, they will tell us how to live and behave.” A NEW Zealand government programme is offering up to 100 per cent subsidy on business advice to the private sector in PNG and the Pacific.
This is to mitigate the impacts of Covid-19 on businesses. Business Link Pacific (BLP), through its partners, is supporting the private sector in the Pacific islands to address Covid-19 challenges and prepare for the future. It said in a statement that the subsidy was to assist small and medium-sized enterprises. By Wari Homanton Goiban
World health organisation as declare that the COVID-19 is a pandemic disease which shock the world in every country to lockdown and effect size all the economy to collapse. COVID-19 dose not count anyone you big or small anyone that come across contact with the viruse is infected. As we all have seen it on the world news COVID-19 as killed more than thousands of people around the globe and transform it to a international concern to every government to fund million's or even thrillion of money to fight against this deadly disease. COVID-19 will destroy the wealthy nation causing financial crisis with stock market to cruch and the global economic to fall. The Bank of Papua New Guinea has announced several policy measures to maintain monetary, financial and payment systems stability as the country’s economy adjusts to the negative impact of the COVID-19 pandemic.
Governor of BPNG Loi Bakani says these measures will take effect immediately to provide sufficient liquidity to individuals and businesses at a reasonable cost. ![]() IALIBU-Pangia MP and People’s National Congress Party Leader Peter O’Neill says bad decisions by the Government have literally stopped any new investments, reducing cash flow and are now driving the economy towards recession. O’Neill, in a statement, said failure to fund the budget for the first months of this year showed that the Government cash flow had been negative. He said Treasurer Ian Ling-Stuckey was fixated on trying to rewrite the past as a means to avoid making hard decisions that would properly deal with the challenges faced today and into the future. |
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 |