Papua New Guinea's economy through the course of 2022, has experienced higher levels of activity post the COVID-19 period. To maintain this shift in momentum, government needs to accelerate foreign direct investment (FDI) in 2023. According to the 2022 BSP Quarter 4 Pacific Economic and Market Insights Report, the Pacific region’s economies collectively grew by 5.3% in 2022, mainly driven by growth in PNG’s mineral sector and Fiji’s tourism sector. In 2023, all Pacific economies are expected to post positive GDP growth, with regional growth of 4.8% as the recovery in some countries stabilizes. BSP Acting Group Chief Executive Officer Ronesh Dayal said, “with the reopening of borders across the Pacific, we have seen marked improvement in economic activity across the Group compared to the COVID-19 period.” PNG’s economy grew by 4.6% in 2022, led by higher oil and gas production, as developers sought to capitalise on high prices. Production is expected to normalise in 2023, leading to a lower growth forecast of 4.0%. Non-resource sector GDP is estimated to have grown by 4.5% in 2022, and 4.6% is forecast for 2023. Whereas, resource sector GDP is forecasted to grow by 1.2% in 2023. Given PNG’s reliance on imports, the country was prone to the effects of heightened global inflation, driven largely by imported inflation for crude oil and foods. Though global inflation is expected to subside in 2023, we do not expect that this will immediately translate to lower prices for PNG consumers. Monetary policy tools including the Kina Facility Rate (KFR) and the Cash Reserve Requirement (CRR) have been used to tighten money supply and combat inflation. The KFR was increased to 3.50% in January 2023 and the CRR has increased steadily from 7% to 10% (pre-COVID levels) by the end of 2022. When speaking on the potential upsides for the PNG economy, Mr. Dayal added “In early 2023, we need to see tangible foreign direct investment (FDI) commitments particularly from the extractive sector, before we see PNG’s economic recovery commence,” and stressed that PNG needs FDIs in 2023 to consolidate its growth trajectory and achieve a sustainable recovery. Regarding the financial sectors role in the economic growth expected for PNG, Mr. Dayal added “differentiating industry corporate income tax rates, like those seen for commercial banks in PNG, can be particularly damaging for emerging economies such as PNG. Such tax policies are detrimental to the proper functioning of market forces and conflicts with modern economic theory.” “The tax rate increase to 45% on commercial banks comes at a time when other locally-grown financial institutions are looking to obtain commercial banking licenses. The timing is unfortunate and will act as a deterrent for the much needed expansion of the financial sector and investments in PNG,” he concluded.

“We understand that a lot of our customers cannot make it to our branches during week days to pay for school and tertiary institution related fees therefore BSP, as in past years, has allowed for selected BSP Branches to be open on Saturdays for ‘Back-to-school’ needs, commencing this Saturday 21st January, 2023,” announced Deputy General Manager for Retail – Sales and Customer Service Delivery, Peter Komon Twenty-eight (28) selected branches around the country will open their doors for the next five (5) Saturdays, commencing 21st January to 18th February, 2023, from 9am to 1pm. [caption id="attachment_34645" align="aligncenter" width="1218"] A customer depositing School Fees at our Waigani Banking Centre[/caption] These branches are; Buka, Arawa, Kokopo, Palmalmal, Wewak, Maprik, Yangoru, Goroka, Wabag, Tari, Banz, Madang, Gusap, Alotau, Lae Top Town, Bulolo, Kavieng, Lihir, Waigani Banking Centre, Popondetta, Kundiawa, Mendi, Kimbe, Aitape, Vanimo, Kiunga, Tabubil and Mt Hagen. Mr Komon said the annual Saturday Banking is an extended service BSP is providing to cater for school related banking needs. BSP’s personal lending product remains the most competitive in the market and offers our customers same day funding subject to all requirements being met. “Whilst Saturday Banking is available for school and tertiary related fee deposits, School Fee Payment service is also available through BSP Mobile Banking USSD service *131# and on BSP Pay. We encourage our customers to register and use BSP Mobile Banking to pay school fees directly to the schools from the comfort of their home or office. Alternatively, customers can use BSP Internet Banking to pay fees directly to these schools as well as BSP Pay for a select number of schools,” Mr Komon added. [caption id="attachment_34647" align="aligncenter" width="750"] A customer depositing School Fees at our Buka Branch.[/caption] BSP offers schools and institutions the ability to accept instant school fee payment from parents and guardians through BSP Mobile Banking *131#. Payments are only accepted through schools that are registered as BSP Mobile Merchants. Each school is issued a School Code that allows parents and students to reference when making school fee payments via BSP Mobile Banking *131#. The full list of registered schools is available on the BSP website www.bsp.com.pg Meantime the trading hours for the new NCD Lending Centre will extend to Saturdays from 9am to 1pm, to improve convenience for our customers in NCD. Customers seeking financial assistance for back to school needs can visit the Lending Centre from this Saturday, 21st January, 2023.

The betel nut market at Gerehu stage 2 in Port Moresby was closed down by police to ease tensions, following Monday's nasty clash involving betel nut vendors. A Chimbu man was reportedly attacked allegedly by the same group of men who attacked two men from Tari earlier during the day. The injured pair are currently nursing their wounds in the hospital. Police officers from the Gerehu Public Safety unit and Sector Patrol Fox 200 unit issued a warning for the vendors to refrain from doing business at this venue, but they defied this police warning. Police and the community leaders there agreed to stop all market activities until those embroiled in the conflict are identified, arrested and charged for their offences. The market will remain closed indefinitely until the suspects are arrested by police. The initial fight broke out on Monday when some men from Enga clashed with the men from Tari over a betelnut issue, and two Tari men were injured and hospitalised. According to police, the identities of those embroiled in the dispute are known to police.

BSP has renewed its sponsorship for the 7th season of the Men Of Honour Campaign by becoming a regional sponsor with support of K25,000. The Men of Honour Campaign is a peace building initiative by Digicel PNG Foundation that focuses on positive behavior with the aim to break the cycle of violence in PNG. To date, the Men of Honour Campaign has awarded 95 men across the nation on the outstanding work they are doing in their communities to build peace and address drivers of violence in their community. This year, the campaign is in its seventh season. Three ambassadors will be selected from each of the four regions, with one ‘Unsung Hero’ award going to an ambassador from each region. BSP Head of Marketing and Public Relations Gorethy Semi said BSP is pleased to continue its support for the third year now and this time with a sponsorship of K25, 000. She added that BSP will also provide additional support of BSP merchandise packs for each of the three selected ambassadors for the Southern Region Award. “Leadership and Community are core values which BSP holds highly and what better way to demonstrate that through this campaign for the third year and reward a Man of Honour in this selected category. As a leader in our respective industry, it is only fitting that we recognize all leaders for their commitment and contribution in influencing positive changes in their respective communities. As a community oriented bank that gives back to the communities we operate in through our annual Community Projects, we are also proud to be supporting other worthy campaigns such as this. Digicel PNG Foundation CEO Serena Sasingian thanked BSP for the continued support when receiving the cheque. She acknowledged the role BSP has played in addressing gender based violence through the Bel Isi initiative and their Black Thursday Campaign. “It is vital that the private sector continues to work in partnership to take a stand against violence and recognize positive role models for the next generation to follow. We value our partnership with BSP, and appreciate its commitment in showing recognition to ordinary men doing outstanding work through this platform.’

The newly appointed United Nations Resident Coordinator (RC), Mr. Richard Stephen Howard Jr, on Monday (18/01/22) presented his letter of credence to the Minister of Foreign Affairs for Papua New Guinea, Justin Tkatchenko. The official presentation took place at the Office of the Minister in Port Moresby. Minister Tkatchenko welcomed Mr. Howard to Papua New Guinea and congratulated him on the appointment. “I am looking forward to working closely with the UN and work towards bringing long-term benefits to the people of Papua New Guinea,” said Minister Tkatchenko. In presenting his credentials, Mr. Howard expressed his enthusiasm for working in partnership with the Government of Papua New Guinea and development partners to promote efficiency and accountability as the organization develops its next Cooperation Framework (UNSDCF), the UN system’s five-year programming instrument that will capture the entire footprint of the UN agencies, funds and programmes in the country. “The UN is here to support the Government in delivering results for the Papua New Guineans,” said Mr Howard. The Resident Coordinator is the representative of the UN Secretary General in Papua New Guinea and leads the UN Country Team, consisting of 17 resident and non-resident UN agencies, funds and programmes. Mr Howard has more than 30 years of experience in management and research experience, including economic growth and decent job creation, gender equality and inclusion with the private sector, non-government organizations, and the United Nations in Asia and the Pacific.

A group of women and girls foraging for wild fruits were abducted by armed men in separate incidents in Burkina Faso, the government said Monday. Around 50 women and girls were taken in the incidents which happened on January 12 and 13 respectively, according to a statement by the governor of the country’s Sahel region. Some of the women and girls were kidnapped around 15 kilometers from the town of Arbinda, while the others were taken from another locality in the Soum province. “While out in search of wild fruits, these wives, mothers and daughters were unjustly attacked by armed men,” the statement said. It added searches began as soon as the disappearances were reported, the statement said. The Sahel region governor expressed his solidarity with the women’s families on behalf of the government, adding authorities “remain committed to doing everything possible to bring the situation to a successful conclusion.” France’s foreign ministry said in a statement Monday it condemned the kidnappings “in the strongest possible terms,” and called for the immediate release of the women. “France reaffirms its solidarity and commitment to Burkina Faso,” the statement continued. Burkina Faso, one of the world’s poorest nations, has been the epicenter of the violence that started in neighboring Mali in 2012 but has since spread across the arid expanse of the Sahel region south of the Sahara Desert. Source: CNN

Among other issues of significance to be added into expanded Bilateral Security Treaty between Australia and PNG, a major issue is the visa requirements for Papua New Guineans travelling to Australia. Minister for Foreign Affairs Justin Tkatchenko, announced the Bilateral Security Treaty between Australia and Papua New Guinea had been expanded to cover broader security areas of priority. Minister Tkatchenko highlighted significant areas of concern to be added into the treaty agreement include cybercrime, climate change, money laundering, biosecurity, internal security and gender-based violence. “The definition of the security treaty has been expanded which I think is a very good thing, it’s not just about Defence but all the other important areas as well.” “One of the big issues was visa, that comes under Department of Immigration but Foreign Affairs has an important role to play in that area as well.” “I want to thank the Government of Australia under Prime Minister Anthony Albanese who has acknowledged that they have treated PNG unfairly with visa issues.” “That’s a strong wording to acknowledge the visa situation in hand,” Minister Tkatchenko said. Minister Tkatchenko said April 30th 2023 was the deadline for the treaty to be signed by both prime ministers. “Our deadline to get all that finished and completed is on April 30th, my department and other line agencies will be working closely with the Australian Government and their officials and counterparts to ensure that this is achieved for both prime ministers to sign off.” “For Defence, that will continue to go down the normal process of the diplomatic relationships.” “With the Departments of Immigration, Foreign Affairs, State Solicitor and Justice, we will work closely with Australian officials on how we are finally going to resolve the visa issue between PNG and Australia at the annual Ministerial Forum in Canberra on February 17th 2023.” “We are not wasting time, we have dates, deadlines and we want to make this happen for the good of our people.” “Those long outstanding issues that were discussed between the two prime ministers were important.” “Economic stability and other issues were discussed in the bilateral which will also be finalized at the ministerial forum.” Minister Tkatchenko said eight ministers of state would be joining him in Canberra to address those outstanding issues. “We look forward to concluding some of these issues into the future by February and by May the two prime ministers will get together and sign off on this important bilateral security treaty.” Meanwhile, Minister Tkatchenko acknowledged the Government of Papua New Guinea for a successful two-day official visit by Prime Minister for Australia, Anthony Albanese. Minister Tkatchenko commended the department of Foreign Affairs and other line agencies who assisted in organizing the official visit.

Guided by our vision to help the people of Papua New Guinea lead better and healthier lives, CPL Group was pleased to support the Throwdown in Vula’a fitness event in Hula Village, Central Province over the weekend on 14 January 2023. The fitness event is an annual program for the community, organized by Kila and Marie Kilaverave, with Jack Karo Jnr from Functional 365. The sponsored event had hundreds turnout and a success. CPL, through the CPL Foundation and City Pharmacy, supported the fitness event with cartons of water and a donation of medical supplies to the Hula Health Clinic. The presentation was made to Hula Community leaders in the presence of the community. CPL also provided free blood pressure, blood oxygen level and glucose health checkups for adults, while also providing deworming tablets for children. More than 155 community members were seen by our dedicated team of nurses from City Pharmacy. The health checkups are part of City Pharmacy’s Community Outreach Program. City Pharmacy has over 30 Pharmacies across the country, providing healthcare and wellbeing retail services to the community. With over 35 Years of trading in Papua New Guinea, CPL Group is PNG’s leading retail Group, with brands such as Stop & Shop, City Pharmacy, Hardware Haus, Bon Café, Fresh Express, Stop & Shop Express, Real Rewards Plus, Jacks of PNG, and Prouds (PNG).

Members of Gerehu police station uprooted seven huge marijuana plants near a school classroom at Tete Settlement in Port Moresby on Monday 16th January at around 5pm. The illicit plants were found at the far end of a school classroom. It was planted in a small vegetable garden amongst other edible crops such as cassava, banana and leafy vegetables. Members of Gerehu police numbering over five were involved in this operation and two suspects were arrested and detained. The suspects and the marijuana plants were taken to Gerehu police station. According to the police officers, the suspects will be questioned and charged accordingly. NCD Central Commander, Assistant Commissioner of Police Anthony Wagambie Jr was pleased with what the police officers did and commended them for getting rid of the illegal plants. He said the suspects may be connected to a drug ring and therefore police will question them intensively before pressing charges on them. He also called on NCD residents involved in cultivating, smuggling or peddling cannabis to stop this illicit activity. He said with the enactment of the new drug law, the punishment is much more harsher than what it was in the future. Wagambie said on Friday the Waigani District court Magistrate convicted five men and ordered four to pay K100 000 each. One of them, a policeman was ordered to pay K50 000 or face a 30 year jail term.

Acting Managing Director of the Mineral Resources Authority (MRA), Mr. Jerry Garry has expressed satisfaction with the standard of housing and associated facilities being built by GeoPacific Resources - developer of the Woodlark Mining Project - for its landowners involved in the relocation/resettlement exercise. Mr Garry who returned from the project site on Saturday, after a two-days inspection of the houses and facilities, said he was impressed with the quality of the houses that were being constructed by the developer of the project GeoPacific Resources Limited, adding that they had set a new benchmark for the rest of the mining industry to follow. “This is the standard of housing we want the rest of the industry to build for our landowners when relocating them (landowners). GeoPacific is setting a benchmark even before they could mine an ounce of gold. This is something that we have never seen before in the extractive sector of this country,” said Mr Garry. The MD said about two and a half years ago, the MRA was made aware of the situation where the company had built sub-standard houses for landowners affected by the resettlement/relocation exercise that was being carried out by the company. He said the MRA as the regulator of the mining industry in the country, had to intervene immediately and ask GeoPacific to stop the construction work, remove the houses and build better and more decent houses for the landowners. Mr Garry said the company responded positively to MRA resulting in the better houses built today. GeoPacific Resources’ Community Affairs Officer Bosco Lapis said the company would build a total of 223 houses of which, they had completed over 100, where impacted landowners have moved in. He said they were yet to complete 83 houses of which 23 were 90 percent complete. Mr Lapis said the time frame for the completion of the remaining houses would depend on logistical and financial situation going forward. However, he said, the project is a priority for the company and that the company would ensure that all houses were delivered. The residential houses generally feature 3-5 bedrooms, high-posts, steel frames and other permanent properties designed to last long. Other facilities that are being constructed such as classrooms, hospitals, stand-alone toilets and trade stores also feature similar properties. The relocation exercise is part of the company’s mining plan where it has to relocate villagers from Kulumadau to Baowen, Seloka and Dikoyas, in order to mine resources at Kulumadau. Impacted landowner groups including the Landowner Association, women, youths and church representatives also expressed satisfaction although they raised issues with certain features of the houses such windows which Mr Lapis said they were already working on these issues.

Lebron James has become the second NBA player in history to pass 38,000 career points, moving closer to Kareem Abdul-Jabbar’s all-time record. James passed the milestone with a mid-range jumper in the first quarter and went on to score 35 points in Sunday’s game between the Los Angeles Lakers and the Philadelphia 76ers. The 38-year-old needed only 11 points to reach the 38,000-point mark and is now 363 points away from tying Abdul-Jabbar’s record. However, the personal accolade did little to lift James’ mood as the Lakers lost a tight contest 113-112. “It’s just frustrating, getting into those positions and not being able to come out with a victory,” James told reporters after the Lakers’ third straight defeat. Joel Embiid top-scored for the 76ers – ending the night with 35 points and 11 rebounds – while James Harden had 24 points and 13 assists. The Lakers felt aggrieved not to have been awarded a foul late on, with Russell Westbrook claiming Embiid had held his arm as he tried to shoot. “[I was] trying to attack, trying to get to the basket. It’s unfortunate but he was grabbing my wrist.” Westbook told reporters. “I couldn’t get the ball up. It’s all good, we’ll look at it tomorrow or tonight.” The Lakers next face the Houston Rockets on Monday as they look to end their losing run, while the 76ers, who now have four wins from their past five games, play the Los Angeles Clippers on Tuesday. Source: CNN

The Panthers have confirmed premiership-winning centre Stephen Crichton will depart the premiers at the end of the 2023 season to pursue opportunities at a rival club. In a Panthers statement released on Monday afternoon, the club indicated they were notified by Crichton’s management that he will be seeking opportunities elsewhere in 2024. It's understood Crichton told his Panthers teammates of his decision at training on Monday morning and was "fully committed" to finishing the year strongly with the Panthers. “It was the hardest decision to make, but now my full focus is on the 2023 season and finishing my time at Panthers as strong as I can,” Crichton said in a statement. “It’s going to be tough to leave my teammates, but we will have our chance to make more memories this year. I know my friendships at Panthers won’t finish here but will last forever.” It's unclear where Crichton will play in 2024 at this stage, although the Samoan representative has been strongly linked to Canterbury in recent months with former Panthers assistant coach Cameron Ciraldo open to playing him at fullback. The Panthers said contrary to media reports, the club made a substantial contract extension offer to Crichton last May and were disappointed both parties could not reach an agreement at that point in time. “Although Panthers is disappointed by the outcome, the club respects Stephen’s decision, and understands the situation is exacerbated by salary cap pressure based on the club’s recent success,” Panthers Rugby League CEO Matt Cameron said. “The club thanks Stephen for his efforts and is looking forward to seeing him represent the Panthers for the remainder of the 2023 NRL season.” Crichton, 22, has played 76 games for the Panthers since making his NRL debut in 2019. He made his State of Origin debut with NSW last year before helping Samoa to an historic World Cup final with a golden point field goal against England. Source: NRL.Com