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Papua New Guinea’s banking sector experienced a mixed year in 2017, with commercial bank assets declining after four consecutive years of growth. Total loans to the private sector also fell against a backdrop of subdued economic activity, even as Bank South Pacific, the country’s leading commercial bank, recorded a strong rise in lending and increased profits. Nevertheless, efforts are under way to overcome these challenges, with a focus on modernising existing infrastructure and improving financial inclusion. Under a far-reaching sectoral review, launched with support from the World Bank, the Bank of PNG – the country’s central bank – has made steady progress in upgrading the country’s interbank transfer network to support the development of a national payment system. This chapter contains interviews with Loi Bakani, Governor, Bank of PNG; and Robin Fleming, Group CEO, Bank South Pacific.

Although 2017 was another challenging year for Papua New Guinea, with subdued GDP growth against a backdrop of falling government revenues, cuts to public spending and rising fiscal challenges, economic recovery is gradually gathering steam in 2018. A steady uptick in commodity prices supported export growth and augmented the country’s trade surplus, while agriculture and mining recovered from severe drought that significantly impacted economic activity in 2016. Maintaining growth after a boom period – which was driven by construction of the country’s first major liquefied natural gas facility, PNG LNG – has proven challenging for policymakers. However, the economic slowdown has pushed the government to implement fiscal and policy reforms aimed at fostering domestic growth and the non-extractives economy. This chapter contains interviews with Charles Abel, Deputy Prime Minister and Treasurer; Hulala Tokome, Chairman, National Superannuation Fund; and David Toua, Chairman, APEC Business Advisory Council.

With macroeconomic growth slumping and domestic demand weakening in the aftermath of a long construction boom, trade and investment in Papua New Guinea have faltered in recent years. However, ongoing geopolitical developments could see the situation change in 2018. China’s footprint in PNG has been growing, particularly in the lead up to the APEC Leaders’ Summit, which will be hosted in PNG for the first time in November 2018. Inter- national responses to rising Chinese competition should benefit PNG, with several of the country’s most important bilateral partners moving to shore up their presence in the country in recent times. Future trade ties are likely be steered by the government’s efforts to leverage the competing geopolitical interests to the country’s advantage. This chapter contains interviews with Clarence Hoot, Acting Managing Director, Investment Promotion Authority; Julie Bishop, Former Minister of Foreign Affairs of Australia; Stephen P Groff, Vice-President, Asian Development Bank; and Alan Bollard, Executive Director, APEC Secretariat.

This chapter contains information on hotels, government agencies and other listings, as well as useful tips for visitors on a range of topics such as visa requirements, currency and transportation, among others.

This chapter provides an overview of Argentina’s legal framework, covering a range of topics from corporate considerations to foreign investments law. In addition, it features an interview by Jorge Pérez Alati, President, Pérez Alati, Grondona, Benites & Arntsen.