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
Economy
Solomon Islands may remain least developed till 2024: Manele
Solomon Islands may not shed its least-developed country status by the 2024 target after suffering economic setbacks, Foreign Minister Jeremiah Manele said Monday. More than 40 countries are classified by the UN as
Look north to PNG, Fiji urged
The Papua New Guinea economy is expected to “double in size in the next 10 years” says ANZ Pacific Economist, Dr Kishti Sen. And that is a huge opportunity for Fiji and other Pacific Island economies. While Dr Sen
Samoa economy in ‘historical-high’ recession
Samoa has recorded a historical-high recession in the FY2021 with the country’s border closure resulting in a sharp contraction of tourism, says the World Bank. In its 2022 Economic Update for the Pacific Islands
Palau’s 2023 Budget law passed
Palau budget FY 2023 was signed into law on September 22 at the Ngerulmud Capital rotunda after a brief signing ceremony. Senate and House of Delegates worked round the clock to get it ironed out in time for President
Solomon Islands tuna production rises despite COVID
Tuna production in the Solomon Islands increased this year despite a significantly smaller fish catch. The latest Central Bank of Solomon Islands (CBSI) quarterly report shows that the total catch dropped by 22% due to
Opinion: Assessing Remittances Potential to Build Climate Resilience in the Pacific
While contributing very little to global warming, Pacific Island nations are among the most vulnerable to the impacts of climate change, already experiencing extreme climate-induced disasters such as tropical cyclones.
A note from the editor
This month, Islands Business was able to attend the Forum Economic Ministers meeting in Vanuatu. You’ll see coverage of some of the big issues discussed at FEMM—climate and resilience financing and supply chain
Climate finance crunch
The Pacific Islands Forum is taking another look at its ambitions to take control of resilience funding following the Forum Economic Ministers Meeting in Vanuatu this month. The hybrid meeting saw attending delegates
Porgera, prices and access
The government of Papua New Guinea’s newly re-elected Prime Minister, James Marape will be focused on building investor confidence and getting Porgera reopened, as it begins its new term. In his first speech to
Opinion: Putting the Case Forward for Pacific Integration
Pacific Islands Forum (PIF) leaders identified and discussed the various elements that could constitute the 2050 Strategy at their annual meeting in Funafuti, Tuvalu in August 2019. They then tasked the Pacific Islands
Aging ports infrastructure under scrutiny
The shared challenge of aging ports infrastructure will be one of the key issues discussed at the upcoming Association of Pacific Ports annual conference in Saipan next month. Ports authorities recognise it is time to
New financial solution to strengthen accountability and service delivery in Kiribati
A new Integrated Financial Management Information System (IFMIS) for Kiribati is expected to usher in a new era of efficiency in public service delivery and accountability for the island nation. Specifically
Tonga at FEMM: disaster risk financing the priority
Islands Business reporter Sera Tikotikovatu-Sefeti has been talking to Pacific Islands ministers and officials at the Forum Economic Ministers Meeting about their economic priorities and regional opportunities. Here are
Regional economic ministers to meet: “the sense of urgency is real”
The 2022 Forum Economic Ministers Meeting which gets underway in Vanuatu this week will see regional ministers and officials discuss post-Covid economic recovery, alongside improved access to important dialogues for the
Guam’s ‘resurgent economy’: Guerrero
Guam Governor Lou Leon Guerrero on Wednesday painted a buoyant picture of Guam after four years of her tenure that was tested by the COVID-19 pandemic and sustained by an unprecedented stream of federal aid. Despite the
Additional US$20m for Disaster Recovery in Tonga
Five months on from January’s volcanic eruption and COVID-19 outbreaks, an additional US$20 million (approximately TOP46 million) will help strengthen Tonga’s fiscal, disaster and social resilience, the World Bank
Tonga Parliament passes largest annual budget
Tonga’s Parliament passed the 2022-2023 annual budget this week, reports Tonga Wires. Totalling $764.7 million pa’anga (US$328.36 million), it is the Kingdom’s largest ever annual budget. According to the Tonga
NZ High Court reject Pacific remittance companies plea
A judicial review of the Reserve Bank and New Zealand Finance Minister Grant Robertson’s actions around money laundering laws has failed, leaving money remitters carting bags of cash around in an attempt to keep the
The false Pacific dilemma of choosing between U.S. and China
For some observers, the signing of the China-Solomon Islands Treaty has opened a can of geostrategic worms for the Pacific (Australia, NZ and FICs), presenting a false dilemma that FICs ought to choose who is to be
Comment: Tonga Finance Minister warns of a ‘shrinking economy’
Tonga’s economy is in trouble, says Tonga Wires. The economic contraction during two years of border restrictions, has been accelerated by January’s devastating Hunga volcanic eruption and tsunamis, followed
PNG’s booming horticulture industry worth K3 billion
Papua New Guinea’s horticulture and fresh produce industry is estimated to be worth more than K3 billion (US$854 million) but there is potential for expansion, Fresh Produce Development Agency general manager Mark
Marshalls-U.S to hold first in-person Compact negotiation
U.S President Biden’s special envoy for Compact negotiations, Ambassador Joseph Yun, is expected to head a team of Americans who will visit the Marshall Islands next week for the first in-person negotiating session