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
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
ANZ’s stubborn optimism on the PNG economy
In 2013, the ANZ Bank produced a big report on PNG’s economic future in which it expounded on its “considerable optimism about the country’s future”. The report outlined three scenarios for the resources sector:
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
NZ Deputy Prime Minister lead Pacific Mission
New Zealand deputy Prime Minister and Associate Foreign Affairs (Pacific Region) Minister Carmel Sepuloni is leading a Pacific Mission to Solomon Islands, Fiji and Tonga – the first to be undertaken since COVID-19.
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
Over 11,000 travellers visited Samoa in February
A total of 11,411 travellers visited Samoa in February of this year, which according to the Samoa Bureau of Statistics (SBS) is a decrease of 34.4 percent over the previous month of January, 2023. However, the latest
Guam now has 4,000 H-2B workers
Guam welcomed the 4,000th H-2B worker approved to work on island, representing a record-setting number of foreign workers since the hotel construction boom in 1995. Originally from Quezon City, Philippines, Ronel
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
World Bank opens new regional office in FSM
The World Bank has officially opened a permanent office in Pohnpei in the Federated States of Micronesia, following several years of an expanding presence and portfolio across the North Pacific. The new regional hub
Geostrategic competition in the Indo-Pacific calls for smarter development financing
A former Australian Department of Foreign Affairs (DFAT) official and Asian Development Bank senior economist has authored a report that warns Australia and the European Union (EU) must address the “long-standing”
Correspondent bank danger persists
The loss of correspondent banking services, limited financial inclusion, a potential increase in non-performing loans and difficulty accessing credit are amongst the challenges the financial sector in the Pacific
Banking: A regional overview
At the end of 2022, the Papua New Guinea government signalled its intent to set up a state-owned commercial bank, and take a government seat on the board of Bank South Pacific. The plan has been criticised given the
Measuring vulnerability for development
Once again, people in Vanuatu are rebuilding their homes after two cyclones hit the nation in the first week of March. It’s a tragic reminder of the vulnerability of small island developing states and the way that
Big picture vision conversations missing in the Pacific
Big picture conversations about the future of the Pacific islands should be happening, but they are not, said one of the region’s foremost commentators in an interview published this week in the Marshall Islands
South Pacific eyes China trade deal
China and a group of South Pacific island countries could start talks this year toward their first formal trade agreement, according to an official from a regional network of nations. But while such talks could
A new era of prosperity: Guam Governor Guerrero
Guam Governor Lou Leon Guerrero defended her record at a critical juncture of her second term in Adelup, declaring Guam’s recovery in a bid to counter her critics’ “enduring pessimism” and denouncing “meanness
Additional $252m needed to resuscitate economy, says Tonga PM
Tonga’s Prime Minister acknowledged the strong commitment of Tonga’s development partners and donors and said financial assistance is still needed to ensure a prosperous Tonga, on opening the Development
Kina Bank recorded net profit of K106 million last year
Papua New Guinea’s Kina Bank recorded a net profit of K106.1 million (US$30.1 million) last year — an increase of 11 percent compared to the previous corresponding period. Managing director and chief executive
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
A New Era of Island Leadership: Samoa is AOSIS Chair
Samoa will now lead the Alliance of Small Island States (AOSIS) as Chair. The announcement was made at a special Plenary meeting on Monday featuring the official handover from the outgoing Chair, Antigua and Barbuda.