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
Tongan Foreign Minister ‘Utoikamanu accepts Chair of the ESCAP 79th Session
Tongan Foreign Minister Fekitamoeloa Katoa ‘Utoikamanu is the new chair of the ESCAP 79th Session underway in Bangkok, Thailand this week. In her acceptance speech, ‘Utoikamanu said the deliberations of the
Call for Pacific Energy Commissioner
The 5th Pacific Regional Energy and Transport Ministers meeting has recommended the establishment of a Pacific Energy Commissioner for a Just and Equitable Transition to a Fossil Fuel Free Pacific. Chairperson of the
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
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