Rich world’s leaders fail to commit to Paris global financing summit

Two weeks ahead of a highly-anticipated climate finance summit, most developed country leaders have not confirmed their attendance, sparking concerns they are not taking it seriously. In sharp contrast, the leaders of

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Samoa government eyes debt reduction

The Samoa Government has forecast public debt will reduce the country’s gross domestic product (GDP) ratio to 32.1 percent by the end of the financial year 2023-24.  It plans to achieve this by continuing the

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Widen tax base, spend more efficiently

World Bank's Advice to 9 Pacific Economies The World Bank says six Pacific Island countries are at high risk of debt distress, and that gradual cuts to government spending are vital for balancing budgets and avoiding

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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

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Pacific Islands Economic Outlook 2023

After two long years of COVID-19 and the tourniquet it applied to the lifeblood of Pacific economies— connectivity and tourism — what can our region expect in 2023? The United Nations predicts the global economy

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Fiji marks first Corporate Bond Offer under new regulations

Fijian Holdings Limited (FHL) last week opened a Wholesale Corporate Bond offer of F$30 million, stating it marks a major step forward in efforts to diversify the nation’s financial market. It is the first bond offer

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Opinion: The “polycrisis” and global devt finance: options and dilemmas

With a worsening hunger crisis spurred by food and fuel inflation, war in Europe, slowing global growth and rising debt distress, ongoing COVID-related supply chain disruptions, an unfolding climate change reckoning,

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UNDP calls for debt relief now for 54 countries

Fifty-four countries that are home to more than half of the poorest people on the planet need urgent debt relief now, the UN Development Programme (UNDP) said in a paper published on Tuesday that calls for rich

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PNG Court orders Govt premises unlocked

The Mexican standoff over the closure of PNG government offices due to nonpayment of rentals has ended. The National Court last Friday ordered landlord Nambawan Supa Limited to remove all locks to Vulupindi Haus,

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PNG Govt kicked out of premises

Papua New Guinea Prime Minister James Marape’s whirlwind four-nation tour did not end with the best homecoming he expected. He arrived home Wednesday to be greeted with news that his ministry, National Planning

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State debt is K51billion, says BPNG

Papua New Guinea’s total debt at the end of June was K51billion (US$14 billion), which is expected to increase to K54 billion (US$15 billion) by the end of the year, according to the Bank of PNG. The K54 billion

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Air Vanuatu confirms interim plan with lessor to safeguard 737

The national airline Air Vanuatu has confirmed that its Boeing 737 is at risk of repossession by its lessor. Air Vanuatu owed USD$8 million lease payments to American Leasing Company (ALC), which is approximately VT897

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