Devaluation plan unfounded: Bank of PNG
The Bank of Papua New Guinea has poured cold water on speculation about a Kina devaluation, with acting governor Elizabeth Genia calling it unfounded. “There has been a lot of speculation recently on a devaluation of
Fiji Budget Debate: Bainivalu says tourism will be supported
“While the coalition government is making efforts to diversify the economy, we will still take care of tourism,” was the word from Assistant Minister for Tourism and Civil Aviation, Alitia Bainivalu in
Fiji Budget Debate: Seruiratu concerned over government debt
The Leader of the Opposition in Fiji’s Parliament says the government’s budget will increase national debt from FJ$9.9 billion to $10.5 billion. Seruiratu said, “The government debt had been on the decline
Fiji budget debate: Rabuka flags possible mini budget
Fiji’s Prime Minister said his government may deliver a mini-budget six months from now in order to ensure close monitoring of the 2023–2024 Budget. Prime Minister Sitiveni Rabuka told parliament yesterday: “This
New partnership to further improve Fiji’s kava production
The Fiji National University and the Pacific Horticultural and Agricultural Market Access Plus Program (PHAMA Plus) have launched a collaborative research initiative to further improve the consistency and reliability of
PNG Kina overvalued
Papua New Guinea foreign exchange (FX) shortages have repeatedly been identified by business leaders in PNG as the most serious impediment to private sector development in the country, according to the International
We Say: Fiji’s budget a test of unity
In the leadup to the coalition government’s 2023-2024 budget, citizens were warned by Prime Minister Sitiveni Rabuka, Finance Minister Biman Prasad, the Fiscal Review Committee and international financial institutions
Tourism recovery is going to be harder for Palau
Tourism recovery after the COVID-19 pandemic for Palau will be harder than before due to significant policy changes in some of Palau’s key tourism markets and a more competitive global tourism market. Director Kristy
PNG Trade Minister Maru wants Trukai sale probed
The Papua New Guinea Government has directed the Securities Commission of PNG to investigate the sale to an Australian company of a substantial local shareholding in Trukai Industries. International Trade and Investment
“Tough” Budget passed in Cook Islands Parliament
Cook Islands Parliament has officially passed the Budget after a grueling two-week session. Prime Minister Mark Brown praised the work of all parliamentarians over the past fortnight. It was the first time the Budget
CSOs raise concerns over proposed tax hikes, retirement funds
On the eve of the first budget of Fiji’s coalition government, civil society organisations say they are disappointed with World Bank recommendations to phase out support for the sugar sector and increase taxation.
Gradual devaluation of kina ‘better’: PNG Chamber of Commerce
A gradual devaluation of the kina will be easier to absorb rather than a sudden one, PNG business houses have told Government. The business houses acknowledged the analysis and recommendations by policy advisers that
PNG Stock Exchange adopts corporate governance code
The National Stock Exchange of PNG (PNGX) has adopted a new Corporate Governance code developed with characteristics of the PNG market in mind. Chairman David Lawrence said this initiative aimed to provide to the boards
World Bank to suspend debt repayments for disaster-hit countries
The World Bank will start offering a pause in loan repayments to the “most vulnerable” countries when they are hit by catastrophic events including climate-related disasters. The bank’s new chief Ajay Banga
World leaders headed to Paris summit in push for global debt, climate reform
World leaders will gather in Paris this week with ambitions to reimagine global financing for a new era shaped by climate change, as a cascade of crises swamps debt-burdened countries. French President Emmanuel Macron
Preferred supplier system – one of Solomon Islands government’s wallet-holes
Solomon Islands Government’s preferred supplier system is one which is wrapped in controversy despite its purported creation with good intentions. Not for its initial purpose of bringing about efficient service for
US$23 million to strengthen Tuvalu’s aviation sector
Tuvalu will soon receive US$23 million in grant financing to enhance its aviation sector, the World Bank has announced. Through its Tuvalu Safe and Resilient Aviation Project, the Bank says it aims to improve the
New financial entrants ‘pose risk’: Bank of PNG
In a real sense, encouraging new entrants in the financial system can be considered a national risk management strategy, says Bank of PNG acting governor Elizabeth Genia. “In recent years, we have seen internationally
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
Palau sees tourism revival with South Korea as economic security issue
Security means many things, climate security, human security, energy security, economic security, and maritime security, to name a few. Korea-Pacific Summit, held this week, called for regional security and a peaceful
Opinion: Keeping small islands financially afloat
The international community has recognised the special circumstances facing small island developing states, but has done little more to help. Nowhere is this more apparent than in the global financial system, where SIDS
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
“We are victims of global power play” – PNG PM says Pacific islands will rally behind India
Papua New Guinea Prime Minister James Marape on Monday told Prime Minister Narendra Modi that the Pacific Islands nations consider the Indian premier as the leader of the Global South and will rally behind India’s