Papua New Guinea

Efforts to improve public governance are gradually bolstering confidence in Papua New Guinea’s economy, despite national performance being heavily dependent on the extractive industries. Backed by macroeconomic development plans, Prime Minister James Marape’s administration is seeking to improve debt management, reduce foreign exchange imbalances, widen access to social services and provide greater employment opportunities.

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Papua New Guinea’s foreign currency reserves are being put under renewed pressure by the coronavirus pandemic, but there is hope that gold exports could partially offset falling prices and lower demand in other commodity markets. 

Papua New Guinea confirmed its first case of Covid-19 on March 20, involving a foreign mine worker in Morobe Province. This prompted the government to declare a two-week state of emergency commencing March 24, which has since been extended by two months.

How does the insurance sector in Papua New Guinea differ from other countries in the region?

Papua New Guinea has stepped up efforts to improve government efficiency, outlining reforms aimed at improving the function of public services and increasing state transparency.

A rebound in the mining and resource industries helped drive stronger economic growth in Papua New Guinea in 2019, a year which saw Peter O’Neill’s eight-year tenure as prime minister end.

To what extent are sustainability goals tied to the success of a business?

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