Tag Archives: International

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

Govt thanks Trivedy

Source: Loop PNG

14/12/2017

The PNG Government acknowledges the outgoing UNDP resident representative Roy Trivedy on his services towards pushing forward the UN SDG on Climate Action (SDG 13).

He was also acknowledged on his part in giving services towards the conservation and protection of biodiversity areas in PNG.

 

Minister for Environment, Conservation and Climate Change John Pundari said given the strategic support and leadership provided by UNDP under the leadership of Mr Trivedy, a lot has been achieved in the last four (4) years.

 

Pundari said he is satisfied that PNG as a country is on the right path towards achieving some of the National Goals as well as the SDG’s.

 

“With the recent launch of the National REDD+ Strategy and after attending the 23rd Conference of Parties (COP) meeting in Bonn, Germany, there is still a lot of work to be done but I am confident that with the ongoing partnership with UNDP and other good development partners, we are on track to push forward the climate resilient development agenda and conservation and protection of biodiversity in PNG,” Minister Pundari said.

 

Papua New Guinea is implementing SDG 13 through its Nationally Determined Contributions (NDCs) which is an official document that allows all countries, developed and developing to take action on climate change and officially make it known to the United Nations Framework Convention on Climate Change (UNFCCC).

Author: Imelda Wavik

PNG moving away from tied loans

Source: Loop PNG

10/ 12/ 2017

Acting Prime Minster, Charles Abel, says the Government is moving away from loan financing with tied conditions.

He said the Government has learned from experience and is now negotiating loans which have better terms for the country.

 

He said this following the signing of a concessional loan with the Czechoslovakian EXIM Bank for K172 million (Euro 55 million) for the Boram Hospital Upgrade Project.

 

Abel said given the experience of the China EXIM Bank loan, which had tied conditions, the PNC-led coalition is now working to move away from such arrangements.

 

He said the Government is now looking more at financing arrangements, which are not tied and will also have a trickling effect on the economy.

 

“We want to begin a process where we want to move away from what we call tied bilateral financing. Some of the conditions that come with these loans require that a company must come from that particular country, so we’re doing our best to move away from that.

 

“We want as much as possible to have open tender, and to have Papua New Guinean companies participate so that more of the indirect benefits from these financing can stay in Papua New Guinea,” he said.

 

Another aspect of the financing arrangements being explored by the Government is concessional loans with relaxed repayment terms.

 

The Czech EXIM Bank loan of K172 million for the Boram Hospital is one such arrangement, he said, which has 2 percent interest and 15-year repayment period with a three grace period.

 

“How we improve these terms so that we have more participation from local companies is very important to us,” Abel said.

Photo Credit: ABC News Page

 

Author: Cedric Patjole

‘Port Moresby To Be Transformed’

 

Source: Post-Courier

 

BY GORETHY KENNETH

Port Moresby will be transformed to world standard as months draw near for Papua New Guinea to host one of the biggest meeting ever – the 2018 APEC Summit next November.

APEC Minister Justin Tkatchenko and APEC PNG director general Sir Charles Lepani said in a conference yesterday that compared to Vietnam and other economies that hosted APEC already, PNG, which is APEC-ready, has very unique infrastructure specifically the APEC House that stands out, with all preparation now two to three weeks ahead of schedule.

Mr Tkatchenko and Sir Charles said yesterday that everything is now falling in line and have assured that the Government is ready to host this meeting come November next year.

They spoke about visa arrangements, airport arrangements, security arrangements, accommodation and every other operation that are vital for the summit.

“Logistic, protocol, security and every other preparation is now under control,” Mr Tkatchenko said.

“I can give confidence to the people of Papua New Guinea that your government through our Prime Minister will be prepared APEC ready in 2018 and with all the lead-up meetings to host the very successful APEC CEO and Leaders Summit and sideline meetings throughout the country.”

 

 

PNG RFL Praise Kumuls Performances

Despite A Successful Campaign In The 2017 RLWC, PNG Kumuls Arrived Into The Country Yesterday On A Quite Mode.

 

 

Source: Post-Courier
BY PRISCILLA HARRY

Despite a successful campaign in the 2017 RLWC, PNG Kumuls arrived into the country yesterday on a quite mode.

 
PNG Rugby Football League (RFL) Chairman Sandis Tsaka praised the efforts of the team and said despite going down to England in the quarter final, PNG Kumuls now have the opportunity to take on other nations in the upcoming world Cup in 2021.

 
The Kumuls are now split up, with several NRL players based in Australia remaining.
The other Super League and PNG based players arrived in the country and will depart for their home provinces.
Tsaka thanked the efforts of coach Michael Marum with his coaching staff, the players, and officials behind the scene to participate in the competition.

 
Tsaka said PNG’s ranking will now change as a result depending on their finish on the quarterfinals but will wait after the end of the World Cup to determine PNG’S new ranking in the world.

 
“This year has being a good one for the code itself, PNG was ranked 16th in the last World Cup but we know we can take on from this experience to improve the code through junior programs starting next year,” he added.

 
Meanwhile, coach Marum was hopeful of the team’s performance and said the boys had displayed to the best of their ability in all four matches.

 
Marum said without the support of the coaching staff, players and supporters, the team would not have made it to the quarterfinals.

 
However, Kumuls captain David Mead who seemed disappointed due to him missing out on the match said the team put a bravery show on their performance.

 
“It was great being part of the team for the last seven weeks of the World Cup,” he added.
Mead said it was an emotional experience, but the exposure has brought a new stepping stone and adventure for the code of rugby league in PNG.

 
For Meads career, he said he will still show up in the next World Cup in 2021 but will travel to Australia to continue his contract with the NRL Brisbane Broncos in the next season.

 
The PNG Kumuls will meet again for another camp for the 2018 Pacific test by mid June next year.

PM hails Kumuls

 

11/20/2017

Our boys did not get a win, but they will return home with the respect of our nation and rugby league fans around the world.

 

“It was a solid game against England,” says Prime Minister Peter O’Neill.

 

“Our team played hard, and they can now learn from the experience and look towards the next World Cup.”

 

The PM says regardless of the result in Melbourne, outstanding games have been played by the Kumuls in this World Cup tournament.

 

“They have again united the nation as we watched the games, and we have all been impressed,” continues O’Neill.

 

“Throughout the world cup home games our stadium was full, and all eyes in the country glued on the television sets with children and families cheering.

 

“I again congratulate everyone who has been involved with the 2017 Rugby League World Cup matches in Papua New Guinea.

 

“We look forward to welcoming our boys home to Papua New Guinea.”

 

The PNG LNG Kumuls bowed out of the Rugby League World Cup after going down to England 36-6 in the quarter-finals Sunday afternoon (Nov 19) at the Melbourne Rectangular Stadium.

Source: Loop PNG

Plans For Law To Monitor Foreign Researchers In PNG

Minister for Higher Education, Research Science and technology, Pila Niningi, has assured that amendments are to be made to monitor foreign research coming into the country.

 

He said it is time to have this legislation passed to ensure research done is conducted in a manner that benefits PNG.

 

The Minister was responding to recommendations made by the PNG Science and Technology, today in Port Moresby, when attending their 3rd Meeting of the year.

 

The academics mostly stressed that many researchers are coming into the country at will and conducting research to gather and prosper in their academic qualifications.

 

This they said needs to be urgently monitored and regulated so that Higher Institutions are aware and collaborate to find out what purpose of research.

 

He says in this way the research can be justifiable if it is in the interest of the country other than personal gains.

 

The Minister gave further assurance that this is very serious and will be brought to the National Executive Council to be deliberated with.

Author: Tracey Parr of Loop PNG.

Qatar’s Broadening Economic Base Offers Opportunities for PNG

 

The Prime Minister, Hon. Peter O’Neill CMG MP, has concluded a series of high level meetings with Government Officials in the State of Qatar, from which he anticipates will come greater technical co-operation and investment from a country that has transitioned into the LNG market as is the current experience of Papua New Guinea.

 

Following meetings with Qatar’s Prime Minister, Finance Minister and other senior Government Officials, while on his return from the APEC Summit in Viet Nam, Prime Minister O’Neill said the key outcome of the visit is a further demonstration of the urgent need for Papua New Guinea to properly diversify the Nation’s economic base.

 

“We have been talking about diversifying our economy to maximise gains for some time, and now is the time to act so we can build our key sectors into the future,” the Prime Minister said at the meetings in Doha.

 

“There is great potential for creating thousands of new jobs, establishing new skills and stimulating small business.

 

“From humble beginnings, Qatar has diversified its economic base better than most resource-focused economies around the world.

 

“While oil and gas remain the cornerstone of its economy, Qatar has made inroads into downstream processing and other energy related fields.

 

“Qatar has also leveraged its resources boom to expand the tourism sector, and made substantial investment in agriculture around the world.

 

“The perspective from our engagement in Qatar is clear, that we have to not only get the most from expanding our LNG production, but we have to utilise these gains to diversify production and jobs in our economy.”

 

The Prime Minister said following the visit this week, a delegation from Kumul Consolidated Holdings, as well as other Government agencies and private sector representatives, will meet with officials in Qatar.

 

“The Qatar Prime Minister and I have agreed that we will bring together a joint forum to look at capacity building and investment opportunities between Papua New Guinea and Qatar.

 

“As an emerging economy, Papua New Guinea must take advantage of new opportunities to expand the economy. Importantly we must move beyond the boom-and-bust cycles that comes with dependency on global energy prices.

 

“In doing so we will draw on the experience and capacity building opportunities from countries like Qatar, and our other partners around the world.

 

“I look forward to tangible outcomes from the discussions that have taken place over the past two days, and delivering additional policy initiatives to work with the private sector.

 

“I thank the Prime Minister of Qatar, Ahmed Bin Jassim Bin Mohammed Al-Thani, for his invitation for Papua New Guinea to undertake an Official Visit to his country.”

 

Photo: Papua New Guinea’s Prime Minister, Peter O’Neill, meeting with Qatar Prime Minister, Ahmed Bin Jassim Bin Mohammed Al-Thani, meeting in Doha on Tuesday.

-Press-

Abel Briefs World Bank and IMF on Next Moves to Advance PNG’s Submarine Internet Cable and Discussed Concessional Funding for Restructuring Debt

 

22 October 2017
Source: Office Of The Prime Minister

Engagement with the World Bank and International Monetary Fund, that will stimulate positive economic development in the face of global challenges, has been advanced at meetings in Washington D.C. by the Deputy Prime Minister and Treasurer, Hon. Charles Abel MP.

 

Deputy Prime Minister Abel said the new submarine fibre optic communications cable project, that will deliver cheaper and faster Internet, and the provision of concessional financing for the restructuring of existing debt, will deliver positive economy stimulus for the economy.

 

“Papua New Guinea has a close working relationship with the World Bank and IMF, and the benefits of this engagement will become even more obvious to our people with the delivery of cheaper and faster Internet.

 

“Working with the World Bank, and also our partners in Australia, the new submarine communications cable will deliver greater Internet access for Papua New Guineans.

 

“The new communications cable will make the Internet we received on our computers and smart phones much faster, and with the increased supply we will see Internet data prices fall.

 

“Increased access to the Internet is essential if we are to advance Papua New Guinea’s economy and improve service delivery.

 

“The submarine cable has been the subject of much discussion in recent years, and now we are moving ahead so that it will be in place ahead of the APEC Summit.

 

“The time given to our country by the World Bank and IMF executive for meetings in Washington was tremendous.

 

“I took the opportunity to remind them of the particular circumstances of Papua New Guinea and the Pacific small island states.

 

“I said PNG has globally significant natural assets to build a new, responsible, sustainable economy that brings inclusive development to its people but also can support climate change mitigation globally.

 

“We are confronted with our immediate development challenges and are also on the frontline of the effects of climate change.”

 

The Deputy Prime Minister said discussions with the World Bank on restructuring existing debt with concessional funding will further simplify debt that has been established over recent decades, and reduce servicing costs.

 

“Papua New Guinea has never defaulted on a debt payment, and this is respected by global institutions such as the World Bank and the International Monetary Fund.

 

“We are in talks with the World Bank and IMF so that we can bring together a number of scattered debts and consolidate these under a single debt facility at a much more favourable interest rate.

 

“Debt consolidation will save public funds and retire outstanding loans quicker than had previously been possible.”

 

Deputy Prime Minister Abel was accompanied by Treasury Secretary, Dairi Vele, and the Governor for the Bank of Papua New Guinea, Loi Bakani.

 

As well as the main Plenary Sessions of the World Bank Meeting, the DPM participated on 3 panels, including a panel with the World Bank CEO, and the Finance Ministers for Indonesia and Serbia, on Asia and the Growing Middle Class and Inclusive Development.

 

The DPM also had 15 meetings including separate meetings with CEO of the World Bank, Kristalina Gregorieva, Asia Pacific Director, Victoria Kwakwa, and Australian Treasurer, Scott Morrison.

Proposed policy to declare revenue

Source: Loop PNG

9th October 2017.

 

The Department of Mineral Policy and Geohazards Management (DMPGH) says it is working to introduce a policy for stakeholders in the mining industry to declare any revenue received or made from mining projects.

 

Secretary Harry Kore told Loop PNG that the policy idea came about during consultations for the Revised Mining Act.

 

He said while there are reports of mining revenue generated, a lot of locals impacted by mining activities claim to not see any tangible results.

 

Kore said the policy will ensure stakeholders such as provincial governments, authorities such as the Mineral Resources Authority (MRA), Mineral Resources Development Cooperation (MRDC), as well as landowner association chairmen and landowner company CEOs declare revenue received for the benefit of all.

 

“You fail to do that and you will be held accountable and you will be penalised under the law. So it becomes a practise. Every quarter they just declare their interest. We know that so much money goes to our landowners but whether it trickles down to the peoples is another thing,” said Kore.

 

The policy idea is similar to a draft legislation currently being drawn up by the PNG Extractive Industry Transparency Initiative to make mandatory all revenue from the mineral, petroleum and gas sectors to be fully disclosed as per good governance standards.

 

Kore said they are yet to have formal discussions regarding the policy idea however, there is cooperation and the policy complements that of the work the EITI is undertaking.

 

Secretary Kore added that one of the agendas of the policy is to ensure there is sustainability in how revenue is invested back in the country.

« Older Entries