What is your assessment of the current business environment in Papua New Guinea?
THE COMPANY: Bank South Pacific (BSP) is the leading bank of the South Pacific, holding the largest branch network in Papua New Guinea with over 60 branches throughout the country including its operations in Fiji and Solomon Islands. BSP has total assets valued at PGK15.9bn ($6bn),...
On paper, the 2015 budget, delivered in late 2014, was a solid financial plan. It anticipated PGK13.9bn ($5.3bn) in revenues and called for PGK16.2bn ($6.1bn) in expenditures, leading to a high but manageable 4.4% budget deficit.
Papua New Guinea established a sovereign wealth fund in 2012, and while the original law was delayed and greatly revised, it is set to be implemented by mid-2015, with the first liquefied natural gas (LNG) proceeds flowing into the fund by 2016.
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