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
Economy
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.
Fiji’s economic growth steady
Fiji’s economic recovery continues despite projections from the International Monetary Fund that 2023 will be a tough year. Governor and Chairman of the Reserve Bank of Fiji Board, Ariff Ali, stated that the growth is
Solomon Islands not ready to graduate from LDC status
Solomon Islands Foreign Minister, Jeremiah Manele says his country is not ready to graduate from its least developed country status. The Minister met with a team from the UN Inter-Agency Task Force on Support for
Cabinet approves establishment of Samoa Export Authority
Samoa’s Cabinet has approved the establishment of the Samoa Export Authority (SEA). This was confirmed by the Deputy Prime Minister Tuala Tevaga Iosefo Ponifasio. He said export development was one of the
Tourism continues to buoy Fiji’s economy, but inflation still 5.2%
The Reserve Bank of Fiji says the country’s economy continues to buck international trends on the back of a “marked recovery in tourism.” In November 2022, more than 560,700 international visitors arrived in Fiji,
Negative economic growth on Pacific countries due to COVID-19
The Pacific Islands experienced negative economic growth of -2.3 percent in 2020 due to the COVID-19 pandemic, stated the International Labour Organisation (ILO) Director General, Gilbert F. Houngbo in a report tabled
One year on: Fiji’s tourism sector ‘exceeding expectations’
Fiji’s tourism sector leaders are celebrating the one-year anniversary of Fiji’s reopening to tourists, having seen over half a million tourists visit the nation since December 1, 2021. Covid-19 ravaged Fiji’s
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,
Solomon Islands benefit ‘significantly’ from labour scheme
Solomon Islands Ministry of Foreign Affairs and External Trade (MFAET) has acknowledged that among the most significant benefits of the PACER plus agreement to the Solomon Islands is the labour mobility scheme,
PNG economy forecast to pass K110 billion in 2022
The PNG economy is estimated to go pass a K110 billion (US$31 billion) in 2022. Prime Minister James Marape speaking at the 2022 PNG Update hosted by the University of PNG in Partnership with the Australia National
Bougainville open for business: President Toroama
Bougainville is open for business. This was the undertaking given to potential investors by the Autonomous Bougainville Government President Ishmael Toroama when opening the 2022 Bougainville Trade and Investment
Opinion: The Pacific, emerging from COVID, slowly
The impact of COVID-19 on the economies of the Pacific island region has been much more severe than on any other region or group of countries. The Pacific contracted by 5.4% between 2019 and 2021; other regions or
An ominous warning for PNG
Papua New Guinea: “When we don’t have any of these copper and gold mines anymore, where are we headed?” This quote is by Jerry Garry, Managing Director of PNG’s Mineral Resources Authority (MRA). According to Mr
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
