World Bank

Shadow Minister welcomes World Bank report

Shadow Minister for Treasury and Finance, Ian Ling-Stuckey, said: “It is positive that international organisations, even those where governments control the Board of Directors, can bring in technical expertise and more independent commentary.

“There is much wisdom in the report, especially in terms of stimulating private sector development through competition rather than backing government besties and cronies, as well as a good focus on getting agriculture growing again.

Slower growth, better prospects for PNG

Additionally, strengthening the business environment to spur private sector development will also facilitate broad-based and inclusive growth in Papua New Guinea, according to a report released by the World Bank today.

The World Bank’s Papua New Guinea Economic Update: Slower Growth, Better Prospects, is the second in a series, and was launched in Port Moresby, providing an in-depth analysis of PNG’s economy, together with a special focus on developing PNG’s private sector as an engine of inclusive growth and jobs creation.

DPM attends World Bank AGM

These meetings are held outside of Washington once every three years.

The DPM attended roundtable of early adopters of the Human Capital Project as one of 27 countries.

He expressed PNG’s condolences to Indonesia for the recent tsumami disaster.

Abel also spoke of the cross cutting issue of rapid population growth and its impacts on maternal and child health and macro pressures on government financing and the environment in developing countries.

Invest more in health: Report

The report is part of a new biannual series, The Papua New Guinea Update, which aims to analyse key economic developments and provide an in-depth examination of a selected development issue.

The first series, titled Reinforcing Resilience, focuses on health in PNG. 

Comparing PNG to other developing countries in Asia, who will see a decline in the number of the working population, Papua New Guinea will see an increase in the next 50 or so years.

Govt in talks to secure US$100m loan

Acting Prime Minister and Treasurer Charles Abel, accompanied by some Ministers and government officials, met with World Bank officials on Wednesday in Port Moresby to discuss a way forward.

Treasurer Abel explained that the funding will not be for any specific program but to support the 2018 Budget.

He added that the Government will also be working alongside other agencies like the IMF for a short and longer term support through the Budget.

WB mission ends another successful check

The mission included field visits to project sites in four provinces including Eastern Highlands, Morobe, Madang, East Sepik and East New Britain.

The Mission met with PPAP coffee project management unit in Goroka and the cocoa component in Kokopo.

In the first meeting at Coffee Industry Corporation’s (CIC) head office in Goroka, Chief Executive Officer, Charles Dambui, praised the PPAP modality for its transparent and accountable process.

Emotional welcome for World Bank official

Stephane Forman was visiting the country for the first time as Task Team Leader of the 13th World Bank-led implementation support mission (ISM), checking progress of coffee and cocoa rehabilitation in Papua New Guinea.

The World Bank official arrived at the village on October 5 with mission members and was touched by a traditional welcome led by the famous Asaro Mudmen.

“This is my third day in PNG and you’re the first community to welcome us. I’m very touched by the way you welcome us,” said Forman.

K7.9 million for FSV program

The program is an initiative of the PNG Government in partnership with World Bank who has injected K7.9 million (USD2.63 million) for the program, and will be managed by the Mineral Resources Authority (MRA).

In a statement, the Mineral Resources Authority (MRA) states that it is believed, that FSV at landowner communities at projects sites in the country is an issue, and if not addressed adequately it contributes to the break down in family units and other social problems and subsequently the operations of mines.

World Bank optimistic about Pacific growth

The document, 'Pacific Possible', has been launched at the Pacific Islands Forum in Samoa.

The Bank said the document had been three years in the making, and was the culmination of extensive consultations with Pacific Island and Pacific Rim governments, non-governmental organisations, academics and individuals across the region.

It has identified tourism, fisheries, the knowledge economy and labour mobility as key areas offering opportunities.

The report also mentions deep sea mining, yet advises caution.

World Bank to establish regional office in Suva

Fiji welcomed this opportunity during the signing of the World Bank establishment agreement at the Prime Minister’s office Wednesday.

Prime Minister Voreqe Bainimarama says Fiji is honoured to host the World Bank group.

Bainimarama says Fiji’s relationship with the World Bank is growing and its presence at home will benefit not only Fiji but neighbouring countries.