Economic, geopolitical risks present worldwide: BSP
The world is continuing to present economic and geopolitical risks that impact almost every country, a bank executive says. Bank South Pacific Financial Group Limited (BSP) Chief Executive Officer Mark Robinson said
Six Pacific countries at high risk of debt distress: World Bank
Six Pacific countries are at a high risk of debt distress in part due to government spending to respond to the COVID-19 crisis, the World Bank said in a report on Thursday. The report, titled Raising Pasifika, said
Pacific leaders’ role critical for a more resilient tourism sector
Pacific tourism leaders have a critical role to play for a more resilient future Pacific tourism sector. Tourism in the Pacific is about relationship building, economic development, growth, and connectivity. These
Refine gold here: PNG PM Marape
All gold produced in the country must be sold to the Bank of Papua New Guinea to be refined into bullion, says Prime Minister James Marape. The National reports that he made this comment during the launching of the PNG
Solomon Islands leads the Pacific on SOE profitability: ADB report
Solomon Islands’ robust legal framework for state-owned enterprises (SOEs) has contributed to the financial success of its largest SOEs and generated the highest portfolio returns among nine Pacific island countries,
Expert explains why Special Economic Zone in PNG fails
No one knew what Special Economic Zone (SEZ) were and accordingly, what must be done to enable them to succeed, writes the Post Courier. The Japanese Development Institute (JDI), a think tank with more than 40 years of
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
