PNG Customs Moves Toward Full Automation to Streamline Trade

9/12/2024

The PNG Customs Service is advancing toward full automation to modernize its operations and drive sustainable economic growth, Chief Commissioner David Towe revealed at the PNG Investment Conference during the Regulator’s Forum. He underscored the importance of automation in improving border security, simplifying customs procedures, and facilitating trade.

Mr. Towe outlined that a key component of this modernization is the adoption of the ‘Single Window’ system, a platform aimed at streamlining trade processes, particularly in special economic zones. He noted that automation not only strengthens security but also fosters a business-friendly environment conducive to imports and exports.

Economic Report Shows Mixed Impact on PNG GDP from Oil and Gas Sector

10/11/2024

Economic Report Shows Mixed Impact on PNG GDP from Oil and Gas Sector[File Photo]

An economic report from the National Statistical Office (NSO) has highlighted varied impacts on Papua New Guinea's 2023 Gross Domestic Product (GDP), with notable influences from the oil and gas sector.
National Statistician John Igitoi revealed that PNG’s Current Price GDP dropped slightly from K111.4 billion in 2022 to K110.6 billion in 2023, a decrease of 0.7%, or K0.8 billion. Mr. Igitoi explained that this decline was largely due to a significant 20% price drop in the oil and gas sector.
However, the Constant Price GDP, which measures the quantity of goods and services produced, saw an increase from K66.9 billion in 2022 to K69 billion in 2023. This 3% rise, or K2 billion, reflects an increase in production volume, with price fluctuations removed from the analysis.

PNG Kina’s Depreciation Linked to Marape Government's US$918 Million IMF Loan

3/10/2024

PNG Kina’s Depreciation Linked to Marape Government's US$918 Million IMF Loan

Kina’s depreciation was tied to the International Monetary Fund (IMF) loan of US$918 million (K3.6 billion), which was signed by the Papua New Guinea (PNG) Government in March 2023, according to ANZ Bank’s international economist, Kishti Sen. The gradual depreciation of the currency, which began in May 2023, was a condition of the IMF loan and part of the Government’s plan to manage the country’s economic challenges, including foreign exchange shortages.

Since May 2023, the Kina has fallen from a stable rate of US$0.2840 to US$0.2560, representing a 10 per cent depreciation. Sen noted that the IMF considers the Kina still overvalued and aims to see it reach a market-clearing rate. This adjustment would help to address the current foreign currency shortages and allow the country to return to a free-floating exchange rate, where the Kina’s value would be dictated by market forces.

Forecasts Indicate Continued Decline of PNG Kina Amidst Economic Challenges

27/9/2024

Forecasts Indicate Continued Decline of PNG Kina Amidst Economic Challenges

Westpac Group's senior economist, Justin Smirk, announced that the Kina will continue to depreciate and inflation is projected to persist until the middle of next year. Speaking at the Australia-Papua New Guinea Business Exchange breakfast yesterday, Smirk noted that the Kina had already depreciated by 10 percent.

Smirk stated, “The Kina has depreciated 10 percent already, and on current trends – and I understand the International Monetary Fund (IMF) is comfortable with how things are unfolding – we can expect the IMF programme and the funding programme to continue.” He indicated that this trend would likely lead to further depreciation of the Kina.

PNG Economy Set for Transformation Under BPNG's Vision 2050

2/9/2024

The Bank of Papua New Guinea (BPNG) is steering the country's economy towards a significant transformation over the next 20 years as part of its Vision 2050 initiative. Acting Governor Elizabeth Genia emphasized this during the recent launch of Vision 2050, which aligns with the bank’s 50th anniversary. Genia highlighted that the vision focuses on creating economic opportunities for all Papua New Guineans, with the transformation of the economy at its core.

Genia stated that the Vision 2050 is a continuation of the development process initiated 50 years ago in preparation for Papua New Guinea’s independence. She noted that this milestone provides an appropriate moment to reflect on the nation’s rich history of economic development, central to which are the Kina and Toea—the country’s currency.

PM Marape Boasts of PNG's Economic Improvement Under His Watch

20/8/2024

PM Marape Boasts of PNG's Economic Improvement Under His Watch

Papua New Guinea’s economic outlook is showing significant improvement, driven by stronger growth, low and stable inflation, and a substantial easing of foreign exchange (Forex) shortages, according to Prime Minister James Marape.

In a statement, Marape emphasized that the PNG economy is on a positive trajectory. He highlighted the government's success in maintaining inflation persistently below the historical average of 5.5 percent, which is also lower than global averages. This, he noted, reflects the government's strong commitment to price stability.

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PNG Customs Moves Toward Full Automation to Streamline Trade

Economic Report Shows Mixed Impact on PNG GDP from Oil and Gas Sector

PNG Kina’s Depreciation Linked to Marape Government's US$918 Million IMF Loan

Forecasts Indicate Continued Decline of PNG Kina Amidst Economic Challenges

PNG Economy Set for Transformation Under BPNG's Vision 2050

PM Marape Boasts of PNG's Economic Improvement Under His Watch

Papua New Guinea Economy Watch

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