Papua New Guinea’s (PNG’s) tourism industry faces another tough year after being passed over for funding in PNG’s record PGK13bn ($6.16bn) budget in November 2012. However, the 2015 XV Pacific Games (XVPG) may give the sector a boost.
Papua New Guinea
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Economic update | Papua New Guinea: A sporting chance
27 Feb 2013
While a wave of major resource-related projects in Papua New Guinea (PNG) presents significant growth opportunities for private insurers, concern is rising that industry players could be put off entering the market unless the government takes steps to ensure the public insurance segment is better regulated and supervised.
After 12 years of consecutive growth, Papua New Guinea (PNG) started the new year by focusing its attention on facilitating a broader and more inclusive model for driving the economy forward. While PNG’s recent fortunes have been fuelled by the $19bn Exxon Mobil-led liquefied national gas (LNG) project, completion of the construction phase is set to change the economic dynamic this year by halving annual growth to an anticipated 4%.
The government is preparing the groundwork to give securities regulations an overhaul as part of Papua New Guinea’s (PNG) plans to enhance both its investment climate and international credit rating.
After another year of strong economic performance, Papua New Guinea (PNG) is brimming with confidence. The 2013 budget, announced in November and valued at PGK13bn ($6.2bn), is PNG’s largest-ever budget and one which the government is borrowing more than $1bn to fund.
The information and communications technology (ICT) regulator for Papua New Guinea (PNG) has recommended the principal fibre-optic connection be made available to all internet service providers (ISPs) for direct sale as broadband products with the aim of opening up the internet market. However, PNG Telikom says it needs more consultation with the body and that at least one more fibre-optic cable is needed to meet ICT ambitions.