THE Papua New Guinea Department of Agriculture and Livestock (DAL) has plans in place to develop a corporate entity to develop rice farming into an industry to generate revenue, an official says.
Programme manager for the department’s rice extension unit Steven Hoko said, in Maprik yesterday, that rice was only a programme in the department. Hoko said the plan would be to create a rice board with its own corporate entity with the push to strengthen domestic rice production.
Rice, unlike other crops, does not have a body in place to manage it and develop strategies, goals and plans to roll out.
Bank South Pacific continues to receive a lot of interest under the SME Credit Enhancement Scheme since the SME Loan product was rolled out on 4th October, 2020," said the Head of SME Retail - Stanerd Wai.
Speaking on the Nasfund FM100 show today alongside BSP Group CEO Robin Fleming, Mr Wai said while the interest is there, BSP is managing the perception of customers.
The SME Credit Enhancement Loan product targets existing SMEs that have an annual turnover of K3m. At 5% Fixed interest rate, customers can borrow from K5, 000 to K3m for a term of 6 months to 60 months.
Kina Securities Limited (“Kina” or “Kina Bank” or the “Company”) is pleased to announce that it has today entered into sale and purchase agreements (“Definitive Agreements”) to acquire 89.91% of the banking operations in Papua New Guinea (“PNG”) and 100% of Fiji (together, the “Pacific Businesses”) of Westpac
Banking Corporation (“Westpac”) (the “Acquisition”).
PAPUA New Guinea is in the process of finalising a feasibility study to determine the possibility of concluding a free trade agreement with China, according to PNG Ambassador to China Don Sawong.
Addressing a recent Pacific trade investment promotion event in Shenzen, China, Sawong said the two countries were urged to conclude the joint feasibility studies to start the process of concluding a free trade agreement.
While providing updates at the event, Sawong said a few agreements and memorandum of understandings (MoU) had been signed recently between the two countries that were important and relevant for facilitating trade, investment and economic cooperation between the two countries and included the air services agreement; the feasibility study for a free rrade agreement; the one belt one road initiative, establishment of Bank of China representative office in PNG; and, the protocol on fisheries agreement.
The Papua New Guinea government Treasurer Ian Ling-Stuckey says a K100 million funding from the Asian Development Bank (ADB) will assist Air Niugini in its restructure and reorganisation.
The airline is resuming domestic flights and slowly restarting international flights after the Covid-19 lockdown eight months ago.
Ling-Stuckey in a statement said the recovery task would take a bit longer and be more difficult for Air Niugini.
He said some State-owned enterprises (SOEs) such as PNG Ports, Water PNG and Motor Vehicle Insurance Ltd had continued operating through the pandemic.
But PNG Power Ltd and Air Niugini were badly affected.
Ling-Stuckey said there would be clearer frameworks for public-private partnerships ensuring that the public interest was protected while encouraging a level playing field for increased competition.
THE Papua New Guinea Government aims to stop the import of beef by producing its own supply, says the country's Agriculture and Livestock Minister John Simon.
Simon said during the swearing in of the Livestock Development Corporation (LDC) board that the country imported 14,000 tonnes of beef a year.
He said the Government planned to revive the livestock sector to meet domestic demand through the LDC.
Secretary for the Department of Agriculture and Livestock and LDC chairman Daniel Kombuk said: “LDC activities has scaled down drastically over the years and we have a lot of work to do.
Mayur Resources Limited has completed independent test work verifying the production of premium quality quicklime at the Central Cement and Lime (CCL) project.
Managing director Paul Mulder said Mayur’s ability to produce high grade, low impurity quicklime supported the project’s market appeal.
“The Central Cement and Lime Project not only has the potential to meet 100 per cent of PNG’s quicklime requirements but also provides direct access to Australian and other South Pacific export markets for use in various applications and sectors including the key end user markets of gold, nickel and alumina processing,” Mulder said.
ABOUT two per cent of Papua New Guinea's population are insured, according to the Centre for Excellence in Financial Inclusion (Cefi).
Cefi inclusive insurance working group deputy chairman Raka Taviri said this yesterday during the launching of the insurance awareness campaign that was aimed at getting people to be familiar with the insurance products that were available in the country.
He said there was a lot of work to do in that space and the launching of the awareness campaign was important.
“We have a lot of work to do,” Taviri said.
Papua New Guinea OPPOSITION Leader Belden Namah has backed the PNG Trade Union Congress’s stance against amendments made to the Central Bank Act.
“The PNG Trade Union Congress is dead right,” Namah said in a statement.
“The amendments to the Central Banking Act were passed without debate in the last sitting of Parliament and now paves the way for the Government to print money.
“The amendments to the Central Banking Act (2000) will force the Central Bank to accommodate fiscal policy by direct injection of liquidity into the financial system under quantitative easing so that the Government can raise more domestic borrowing.”
Morobe Governor, Ginson Saonu, has blamed the Conservation and Environment Protection Authority (CEPA), the Mineral Resources Authority (MRA) and the Mining Department for the long delay to the start of the Wafi- Golpu Joint Venture Mining project in the Morobe province.
Governor Soanu, who spoke during the Presentation of the various methods for the Wafi- Golpu Deep Sea Tailings Placement (DSTP) this week in Port Moresby, said if these government bodies had done their job right at the first place, things would not be at this current stage where talks continue on environmental impacts and landowner concerns.
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