“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
India’s PM Modi lands in PNG for Pacific summit
Indian Prime Minister Narendra Modi arrived in Papua New Guinea on Sunday for talks with Pacific island leaders, the first visit by an Indian premier as New Delhi seeks to counter China’s growing footprint in the
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
