New forex strategy promises gradual return to a floating currency in PNG: IMF
An International Monetary Fund (IMF) team will be in Port Moresby over the next few months to help the PNG government develop a jointly-agreed comprehensive reform roadmap for the country’s foreign exchange (FX)
Papua LNG project: potential economic contribution, says ANZ
The ANZ bank says the proposed Papua New Guinea LNG project will deliver PGK18bn (US$5bn) in new spending (in constant prices or in real terms) during its construction phase. This is equivalent to 27.3% of PNG’s
Samoa at high risk debt distress: IMF
A new debt sustainability analysis (DSA) prepared by the International Monetary Fund (IMF) and the World Bank Staff has shown that Samoa remains at high risk of external and overall debt distress, unchanged from the
Trade fragmentation risks 5% GDP reduction, WTO warns
The World Trade Organisation (WTO) warns members, including Fiji and the Pacific, of the risks of trade fragmentation. The WTO forecasts that fragmentation will likely reduce long-term global Gross Domestic Product
PNGX to adopt new listing rules and increase standard
Papua New Guinea’s national stock exchange (PNGX) will adopt new listing rules from 03 July. Chairman David Lawrence said the new listing rules were a key step towards the development of a more effective secondary
Cultural importance behind decision not to restrict kava use in NZ, as Australia tightens rules urgently
A Pacific kava expert has praised the government for not restricting its use, despite the Australian government urgently tightening their rules. Last year, Food Standards Australia New Zealand (FSANZ) agreed to amend
Tax the rich, not the poor: former RBF governor Narube
Unity Party leader, Savenaca Narube, is concerned that proposed goods tax increases punishes the people for the sins of the previous government. The former Governor of the Reserve Bank of Fiji says a proposed
Fiji Economic Summit: Balancing inclusivity and realpolitik
The first Fiji Economic Summit in 16 years has produced a substantial list of suggestions and requests from industry, community and political participants, which they hope will inform the upcoming national budget, and
More recruitment by StarKist anticipated
There could be employment for Samoans in the neighbouring country of American Samoa as the Starkist fish processing plant looks for workers. This was one of the outcomes from the third Atoa o Samoa Executive Meeting.
BSP says it is fine-turning operations in PNG
The Bank of South Pacific Financial Group Ltd (BSP) is continuing to fine-tune its operations under the new banking system, with its KunduPei service back online, chief executive officer Mark Robinson says. “BSP
IMF explains K3.2 billion loan to PNG
The International Monetary Fund (IMF) has dismissed reports that it had imposed income and corporate tax increases and devaluation of the Kina as conditions for the Government to acquire the K3.2 billion (US$908
Samoa’s economy on recovery path
Samoa is slowly recovering from the effects of the COVID-19 pandemic lockdowns, according to the latest Samoa Bureau of Statistics data. Samoa’s Gross Domestic Product (GDP) by Expenditure in constant 2013 prices for
Bill seeks the establishment of foreign agents registry in Palau
A House bill is calling for the establishment of a foreign agents registry in Palau which will require persons representing foreign interests to make a public disclosure. House Bill 11-90-09 requires
ADB: 6.3% economic growth projected for Fiji
Growth in the South Pacific economy of Fiji is projected to reach 6.3% in 2023 and moderate to 3% in 2024, according to a new economic report released today by the Asian Development Bank (ADB). The Asian Development
IMF lowers global economic growth outlook as ‘fog thickens’
The International Monetary Fund (IMF) forecast in their latest World Economic Outlook published on Tuesday, that global growth will bottom out at 2.8 percent this year before rising modestly to around three percent in
FSM official proposes a supervisory college for island institutions
The banking commissioner of the Federated States of Micronesia wants to open a “bank for banks,” but while it will focus on money, it won’t store a cent. Instead, it will store a wealth of information that
Tourism is a vital sector of Vanuatu’s economy: Seremaiah
Vanuatu’s Minister of Tourism, Trade, Commerce and Ni-Vanuatu Business, Matai Seremaiah, has welcomed the reinstatement of Virgin Australia Airline’s scheduled services to Vanuatu after its last flight on 15
Use of automated systems boosts revenue in Tuvalu
Tuvalu has increased revenue by 20% after automating its customs management systems. Paperless customs procedures have really made it simpler for traders in Tuvalu, says Sania Teisini, Director of Tuvalu’s Revenue
Noni juice inching closer to exports
There is good news for noni exporters and producers across the region, with some progress towards having regional standards for fermented noni juice. Nonu (noni) is an important agricultural export in Samoa,
K2.3billion financial sector crucial: PNG Treasurer
The banking and financial sector accounts for K2.3 billion (US$653 million) of the national economy, according to Papua New Guinea Treasurer Ian Ling-Stuckey. Ling-Stuckey discussed the banking tax and the economy with
PNG’s Investment Promotion Authority to deregister firms
Papua New Guinea Investment Promotion Authority (IPA) expects the number of companies listed in its system to drop, due to its cleansing exercise, an official says. Managing director Clarence Hoot said those companies
PNG businesses struggle due to shortage of foreign currency
The shortage of foreign currency currently faced in the country is causing many Papua New Guinea business houses to see a decline in their sales and profit. City Pharmacy Ltd Group, one of the biggest retail businesses
CEO Alabaster exits Air Niugini
Papua New Guinea’s national airline company Air Niugini Limited’s chief executive officer Bruce Alabaster has stepped down from his position. Air Niugini chairman Sir Kostas Contantinou announced that Alabaster
