Papua New Guinea

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.

The potential of mobile phone banking in Papua New Guinea (PNG) has been evident ever since a local telecoms company launched a service in 2009 allowing subscribers to purchase electricity by using pre-paid airtime credit. For PNG’s banks, it presents the easiest route to tapping into the nation’s 87.5% rural population.

Looking to make the most of the country’s resource revenues, Papua New Guinea (PNG) is planning to dip into the sovereign wealth fund to generate progress in the health and education sectors. However, current indicators suggest the administration faces an uphill battle.