Category Archives: Agreement

Treasurer meets with Nambawan Super

Press Release

The Acting Prime Minister and Treasurer, Charles Abel, has met with the Nambawan Superannuation management to resolve the outstanding contributions state owes to its members.

Abel stated that the recent National Court decision on the liability to Nambawan Superannuation Fund is part of the debt that accrued before 2009 from unfunded state superannuation contribution for public servants.

“The Government has been paying all fortnightly contribution since then and gradually paying down the inherited debt through budget appropriations such as the K150 million in this year’s budget,” he said.

In a meeting with Nambawan Super CEO Paul Sayer and management, a resolution was reached to clear all the entitlements for exiting public servants up to the end of 2017.

Abel said the state would work closely with NSL to ensure its obligations in making payment to public servants are met so that those who have served the country for many years can enjoy their retirement with dignity.

“I want to thank the management and Board of Nambawan Super who have been doing a tremendous job and especially our public servants for their patience.”

 

 

Source: http://www.looppng.com/business/treasurer-meets-nambawan-super-72498

State resources to support evacuation: PM

 

Prime Minister Peter O’Neill has directed all relevant State resources be made available to support the evacuation of people at risk due to volcanic eruptions on Kadovar Island in the East Sepik region.

 

 

The Prime Minister also again issued a warning for all coastal communities in the north of the country to be on alert for the risk of tsunami resulting from volcanic activity.

 

 

“National Government agencies, led by our disciplined services, have been stood-up to respond to volcanic activity on Kadavor Island,” the Prime Minister said.

 

 

“Volcanoes are very unpredictable, we are hearing various reports that activity has been building up and we need to take all precautions to keep our people safe.

 

 

“We will not take risks with human lives, let’s get people out of harm’s way now, and constantly monitor the activity of the volcano,” he said.

 

 

“I have authorised the additional deployment of personnel and assets to assist in the transfer of any people who are in the broader vicinity of the volcano.

 

 

“National Government resources are being fully engaged, and are working together with the support of provincial officers, to ensure our people are looked after while there is a risk of eruption.

 

 

“Flights in the area have also been cancelled and ships and boats warned to stay away unless they are part of the response to the volcanic activity.”

 

 

PM O’Neill has again warned all coastal villages and towns, even those hundreds of kilometres away, to be vigilant to the risk of tsunami.

 

 

“The terrain around the volcano is very steep, so this increases the risk of a large landslide that could trigger a tsunami.

 

 

“Tsunamis can travel hundreds and thousands of kilometres across open water, so communities must be ready if there is a landslide.

 

 

“I call on all media outlets, particularly radio stations, to carry tsunami warnings and help people to be ready in the event of a landslide causing a tsunami.

 

 

“Tsunami poses a serious threat and all coastal areas in the north of our country must be on alert.”

 

 

The PM O’Neill said as a country on the Pacific Ocean Ring of Fire, Papua New Guinea is very aware of the threats posed by natural disasters.

 

 

“We know the damage that can be reaped by a volcano, and only have to look back to Rabaul in 1994,” he said.

 

 

“Our National Government agencies have increased their response capacity significantly since the days of the Rabaul volcano.

 

 

“We will continue to monitor the situation for ongoing escalation on volcanic activity, and do all we can to protect life and property.”

 

Author: Press release

Photo Credit: Loop PNG.

NZ boosts PNG’s APEC Prep with K35m

Picture: New Zealand High Commissioner Sue Mackwell officially signed the documents with APEC Minister Justin Tkatchenko in Port Moresby.

Source: Loop PNG.

The New Zealand Government yesterday signed several official documents with the Government of Papua New Guinea in Port Moresby. The documents signed were related to a total of NZ$ 15 million (K35 million) NZ’s support towards PNG as the hosts for the Asia Pacific Economic Cooperation (APEC) Summit in November of this year (2018).

 

The document was signed by the NZ High Commissioner Sue Mackwell and with Papua New Guinea’s APEC Minister Justine Tkachenko.

 

New Zealand was one of the first economies to support PNG’s bid for APEC 2018.

 

In 2017, the New Zealand government established a NZ$ 8 million APEC’s Fund to support PNG.

 

“We are pleased to be able to support eight proposals which will see funding directed to water policing, cyber security, activities to support the PNGDF which includes support for incident response group preparations, defence intelligence training and the contribution of New Zealand Defence assets and staff for Leaders’ week.”

 

The Fund is available to PNG, New Zealand and international partner agencies to submit proposals for funding towards initiatives to support the planning and delivery of APEC 2018 across security, logistics and policy areas.

 

Meantime, APEC Minister Tkatchenko thanks New Zealand for their continuous support and friendship with PNG.

 

The funding includes support to PNG’s APEC Business Advisory Council (ABAC), protocol and liaison training, the contribution of a senior New Zealand Police contingent of 11 officers working under PNG-Australia Policing Partnership in support of the Royal PNG Constabulary’s training and preparations.

 

Deal made for fishing businesses to recieve loans

By MARK HAIHUIE 


THE National Fisheries Authority has paid K1 million to the Peoples Microbank Limited as part of an arrangement to provide a loan facility to fishing businesses.

 
Bank’s head of credit Danny Koka said it was an installment of the K5 million agreed to in 2014.

 
Koka said the agreement with NFA since 2014 was the commitment of K5 million which would be used as a revolving fund for fisheries business loans.

 
“So far they have given usK3 million and from that we have already lent out K4.2 million to customers,” he said.

 
“The maximum we disperse is K25,000 for fisheries-based business such as to those who want to buy dinghies for their businesses or equipment for fishing and across a range of needs.

 
“This next installment will go a long way in supporting the success we have had with the loans from this arrangement.”

 
NFA provincial support and industry development executive manager Welete Wararu said similar arrangements were in place with other organisations.

 
She said it was important to have timely reporting on funds used to enable funding from NFA.

 
“We are not in the banking business but rather come in with funding to create an enabling environment for fisheries businesses to get funding with ease,” she said.

 
“It is important for us at NFA to have reports on the funds so that funds committed through our agreements either for PML or others to be given early so that we can maintain the support for those in the fisheries sector by getting the funding.”

Water project to benefit villagers

The Papa Lealea village situated a few kilometers from the PNG LNG site after two decades will finally receive a long awaited basic service of water supply.

 

The water supply, an Initiative of the provincial government will be implemented later today.

 

This follows the ground breaking ceremony in March this year.

 

Present at the launching ceremony will be dignitaries, including Member for Kairuku Hiri, Peter Iso Aimo, and representatives from the Governor’s office and Water PNG, including CEO and Managing Director, Raka Taviri.

 

Taviri said water supply is a most important basic need.

 

He also highlighted some of statistics including the effect of climate change and its impact.

 

For the launch, initially the water supply will be free for 17 days after which charges will apply.

 

An agreement is also anticipated to be signed between the government and Water PNG.

 

Council members from both Papa and Lelea acknowledged the initiative and said it was a burden loosened up for the villagers.

Author: Imelda Wavik

Source: Loop PNG.

Airline hails increase in transport subsidies

ONE proposed Government action that should clearly benefit PNG Air is the proposal to increase subsidies for the transport of perishable agricultural products in the country, says chairman Murray Woo.

 
He said this was a sensible economic policy, promoting growth in the agricultural sector, and potentially leading to export markets as well as some import substitution.

 
“It fits particularly well with PNG Air’s decision to convert one of its Dash 8 aircraft to a freighter configuration,” Woo said. “Increased vegetable carriage would provide a steady revenue stream from this aircraft, importantly on flights into Port Moresby.

 
“The aircraft is also able to carry relatively large one-off loads by charter, and to make other regular cargo runs.

 
“The board has not been content to rely on re-fleeting and an upturn in the PNG economy alone to improve the company’s performance.”

 
He said Nasfund, as one of the airline’s major shareholders, had commissioned a report on the company’s business and strategy from the major aviation consultants Aviado.
“The board looks forward to seeing what they may recommend,” he said.

 
“The company has also been the subject of a report from board and governance consultants appointed by the Bank of PNG to look at the board functioning and corporate governance of all companies in which superannuation companies such as Nasfund have substantial holdings, and some recommendations from those consultants to further improve the company’s governance are being implemented.

 
“While there are these positives, certain challenges remained in 2017 due in particular to the weak economic conditions and deteriorating exchange rates.

 
“The falling world commodity prices of the past four years have seen exploration activity remain low and as a result the charter business was flat.”

 

Source: The National

Water supply to get K4mil boost

CHIMBU Governor Michael Dua says the water supply services into Kundiawa will be upgraded at a cost of K4 million.

 
He told The National yesterday that the main upgrading work would be carried out by Water PNG.
But a team of engineers from Eda Ranu are already in Chimbu to carry out the scoping design for the work.

 
“The water supply in Kundiawa has become a chronic disease over the last 10 years,” Dua said.

 
“We have the township continuing to expand, public servants are living and working in the town as well as our people and the business community.

 
“So it’s important that we get our water supply system upgraded and fixed.”

 
Dua plans to improve basic services such as water supply, roads and bridges, electricity, school and health infrastructure.

 
“I want to get all the basic services functioning before moving onto big things.
“I am starting with Kundiawa and will move out to the districts.”

 
Dua commended the Simbaiku, Okendiye and Yongomugl tribes for allowing the water supply restoration project to take place.

 
“I am calling on the Government to make this a priority and release the second batch of K6 million that was already approved by the National Executive Council to pay the landowners who own the water that we are going to pipe to the town residents,” he said.

 
“The NEC has approved K12 million already to pay the landowners and K6 million was paid earlier but the remaining K6 million is yet to be paid.”

 

Source: The National.

Mori invites NZ to invest in agro sector

COMMERCE and Industry Minister Wera Mori has invited New Zealand to invest in Papua New Guinea’s agriculture sector.

 
Mori went to New Zealand to seek investments in the renewable sector, seek support and networking between co-operatives in PNG and New Zealand in agro industries.

 
He held talks with Cooperatives Business New Zealand, Fonterra Dairies and the New Zealand Business Council.

 
PNG provides the largest market for Fonterra’s dairy products.

 
Mori said Fonterra was looking at increasing its global market share, and was an opportunity for PNG to create the incentives which would attract such a large global player in agribusiness and co-operatives in PNG.

 
Fonterra produces dairy products in New Zealand with 10,500 co-operative farmers.
It is willing to extend its social responsibility to PNG through its one-milk one-child per day programme next year.

 
“Fonterra Dairy produces 22 billion litres of milk annually to supply two billion of its customers around the world,” Mori said.

 
“Such opportunities should be considered in the Sepik plain, Markham Valley, Central and parts of the Highlands.”

 
Co-operative Business New Zealand chief executive officer Craig Presland invited Mori and other government institutions to participate at the week-long summit on Feb 27 next year in Auckland.

Source: The National

Photo Credit: Loop PNG.

Bank PNG signs card deal with Swiss company

THE Bank of Papua New Guinea has signed a contract with the Swiss company BPC Banking Technologies for the supply and installation of a national card and mobile payments switch.

 
It is the first step towards implementing the Retail Electronic Payments System (REPS), an initiative launched by the bank in 2015, as the next phase in the development of the National Payment System and its drive for financial inclusion in PNG.

 
REPS followed the successful implementation of the KATS inter-bank electronic payment system which began in February 2015.

 
BPNG said KATS hads shortened cheque-clearance times and provided electronic direct credits between PNG bank accounts.

 
“By enabling full electronic payments, KATS greatly improved financial services offered by banks to their customers.

 
“It provided the PNG economy with a secure, efficient and reliable domestic payment system and set, a solid foundation for future innovation in payments technology, including growth opportunities for Fintech digital financial services.

 
“REPS will allow microfinance companies and microbanks, Savings and Loans Societies and other smaller financial institutions entry into the NPS to offer plastic card and mobile payment services to their customers, so that more people and businesses will have access to financial services throughout PNG, particularly among the rural areas.”

Source: The National

GAME CHANGER

 

 

DEVELOPMENT in one of Port Moresby’s iconic area, Paga Hill, will be a “game changer” for the Capital city.

That’s from NCD Governor Powes Parkop when witnessing a historic agreement to begin stage one of the development on Paga Hill.

Governor Parkop, and Lands and APEC Minister Justin Tkatchenko, witnessed the signing by Paga Hill Development Company, and its Advisory Board, who will provide AU$20 million in offshore funding to commence construction of Stage one.

Paga Hill Development Company, led by its chief executive officer Gudmundur Fridriksson, signed the agreement before the two NCD MPs that will see the development of 1.7 hectares waterfront site, which will include restaurants, cafes, retail, commercial and residential apartments.

Advisory board director Peter Barge, the world renowned Australian property executive who was involved in Sydney’s Darling Harbour, Macau, Dubai and other major developments as Jones Lang La Salle Asia Pacific chairman and CEO, flew into PNG from Sydney this week to complete the agreement.

Mr Barge, who was joined in Port Moresby by fellow board members David Galvin and Simon Dulhunty, said the vision for Paga Hill “will help transform a city and country into an emerging tourism destination, while creating many local jobs and boosting the national economy”.

Governor Parkop said his vision is for “Port Moresby to be a model city in the South Pacific, leading the way in tourism and business”, with Paga Hill a key part of this strategy.

He is impressed to see the project now moving from design to construction.

Minister Tkatchenko expressed his appreciation at the amount of open space and discussed the opportunity of establishing a joint working group to ensure the best possible outcome for city and residents, as well as the developers.

Civil works on stage one are well underway with actual construction to commence in March 2018, with Mr Fridriksson saying Stage one will set the scene for what’s to come at Paga Hill Estate, “with waterfront retail, dining and entertainment, it will be an ideal place to live, work and play.”

Source: Post-Courier

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