The National Superannuation Fund limited (Nasfund) who reached the K8 billion milestone still remains cautious of the PNG economy in their short- and medium-term outlook. Nasfund Chairwoman Tamzin Wardley stated that confidence and performance will be underpinned by a projected recovery in the extractive sector. Ms. Wardley said Nasfund as an investor and landlord sees extraordinary, improved performance when the country’s resource projects are operational, as it improves the property portfolio in terms of value and rental income and increase contributions due to a large work force. “Throughout the year, while there were economic challenges, it’s important to recognize the resilience and strategic adaptations made by our team, our strategic response and portfolio adjustments have been proactive and thoughtful. Our allocation of assets for international investments is currently at 17% of Net Asset value, which is well below the board approved target of 25% and within the prudential standard limit of 35%. While we saw an increase in interest rates on Government Securities in 2024, the impact of these increases will only be seen in our future results. The lower interest income in 2024 was a result of lower yields on Government Inscribed Stock and Treasury Bills,” she said. She added that Nasfund’s investment division will intensify efforts to identify and assess opportunities in Financial Year 2025 while remaining vigilant in monitoring market conditions and adjusting their investment as needed to ensure Nasfund is maximizing returns for their members while also managing risk. “In 2024, we implemented our new strategy for the years 2024-2026, with a focus on enhancing operational efficiencies and superannuation education and connecting with our members. We have also launched a series of superannuation videos in both English and Tok Pisin which are being used to drive awareness of our products and services and the importance of long-term savings,” she said.

PNG Power officially launches and commission Generator #1 at the Gagidu Powerhouse in Finschhafen in Morobe Province. PPL Acting Business Manager Mr. Ari Kondua stated that it is both a privilege and joyous occasion to celebrate a monumental achievement for PNG Power Ltd and the vibrant Finschhafen community to officially launch and commission Generator #1 at the Gagidu Powerhouse. Mr. Kondua said that it is a significant step forward in their shared vision for a brighter and more sustainable future. “The Gagidu Powerhouse initially comprised 4 machines with a combined output capacity of 600KWs, though only 280 KWs was available. Through diligent work on 2 machines last year, we improved machine availability to 85%. With the upcoming launch of unit 1, we are confident of achieving 100% machine availability. However, once this is achieved, fuel supply will become our primary constraint. As a government owned entity securing constant funding for fuel remains a significant challenge. PPL Finschhafen operates as a C Centre and functions independently from the main power grid. This means that we are not connected to the primary electricity system and are solely responsible for our own power generation, transmission, distribution and billing collections,” Mr. Kondua said. He added that their operational costs are significantly higher than their revenue, presenting ongoing financial challenges. “Despite these constraints, we recognize our critical role as a service provider to the district and the community of Finschhafen. We are committed to delivering essential electrical services to ensure the wellbeing and development of our residents. Reflecting on the journey that brought us here, I remember the initial discussions and dreams we had about enhanced our energy infrastructure. There were challenges along the way – moments of uncertainty and the need to strategize and innovate. Yet it was your resolve and enthusiasm that fueled our determination. For me it has been a deeply fulfilling experience to see those dreams transform into actionable plans and now into tangible results right here in Finschhafen,” he said. Mr. Kondua said Energy is more than just a utility; it represents promise and opportunity, and it powers our schools, our homes and our business, illuminating not only our surrounding but our aspirations. “The commissioning of unit #1 reflects our commitment to ensuring that every family and business can thrive. I envision children studying in well-lit rooms, small businesses flourishing with reliable energy and our community reaching new heights with infrastructure that supports growth. Furthermore, as we embark on this journey with our new generator, let us not forget the importance of sustainability. I remember a discussion with a community leader and our local MP who spoke passionately about the future generations and the environment they will inherit. It is our duty to ensure that the energy solutions we implement today are not only effective but also environmentally responsible. Together we are taking crucial steps in that direction,” Mr. Kondua said.

During question time in Parliament yesterday, Chuave MP James Nomane raised concerns about the allocation of districts fund to districts like North Fly. Prime Minister Marape when responding, reaffirmed that government spending has been conducted equitably across the country. “We are ensuring that funding is distributed fairly, and no district is left behind. Every member can verify that their districts have received funding in accordance with our budget allocations” he assured Parliament. PM Marape explained that while funding for some commitments may have been delayed due to structured budget disbursements, it does not mean that the Government has neglected any district. “If any district has not received full funding yet, it is not because of reckless borrowing but due to the structured disbursement process,” he clarified. He said funds are allocated based on priority areas and are released in a phased manner. PM Marape reiterated his government’s commitment to fiscal consolidation, with the goal of achieving a balanced budget by 2027 and eliminating national debt burdens in the long term. “Since 2010, Papua New Guinea has consistently run budget deficits. Turning a large economy around is not an overnight task, but we are on track to achieving a balanced budget by 2027,” he said. He highlighted key economic policies aimed at easing the financial burden on ordinary Papua New Guineans, particularly the removal of income tax obligations for those earning below K20,000 per year. “For the first time since Independence in 1975, our government has taken the step to remove personal income tax for those earning below K20,000. This ensures that more money stays in the hands of our people, supporting their livelihoods while we continue stabilizing the economy,” he said. Looking ahead, the Prime Minister outlined his government’s long-term vision of reducing debt to zero by 2034. “By 2034, the goal is to ensure that the next government inherits a country with no debt in sight. We are laying the foundations today for a stronger, more self-sustaining economy,” he said. Prime Minister Marape called on all leaders—across government and opposition —to work together in securing Papua New Guinea’s economic future. “Leadership is about making difficult but necessary decisions. Managing a country’s economy is not about quick fixes—it requires long-term vision and careful planning. I urge all of us in this chamber to think beyond politics and focus on what is best for the country,” he said. He reassured Parliament that the Government remains committed to responsible financial management, ensuring that Papua New Guineans continue to benefit from sound economic policies.

Prime Minister James Marape has commended the historic appointment of Francesca Semoso, Member for North Bougainville, as the first female Member of Parliament to preside over a parliamentary session as Assistant Speaker. Mr. Marape hailed this milestone as a significant advancement for gender representation in Papua New Guinea's political landscape. “After 50 years, this is a defining moment for our Parliament and our country. MP Francesca Semoso’s appointment is not just an achievement for women in politics but a testament to our commitment to diversity, inclusivity, and equal representation in leadership,” PM Marape stated. He further emphasized the importance of this moment for the future of governance in Papua New Guinea. “This achievement signals a shift in our political culture—one that embraces the contributions of women in decision-making and governance. We must continue to encourage and support women who aspire to leadership roles,” he said. PM Marape reiterated his government’s commitment to empowering women in leadership, adding that this is history in the making. “MP Semoso’s appointment paves the way for more women to take up leadership roles, ensuring their voices are heard at the highest levels of decision-making. The Government and the people of Papua New Guinea celebrate this historic milestone and look forward to MP Semoso’s leadership as Assistant Speaker,” PM Marape said.

The Minister for Works and Highway, Solan Mirisim has been questioned about the Roads in Ijivitari District and Eastern Highland Province by Member for Ijivitari and Member for Kainantu on their funding to construct and fix up the roads in the district and province. Member for Ijivitari David Arore raised two questions, which are when will the Ministry of Works and Highway release the funding for the roads in his district and who will compensate the landowners that will be affected by the construction of the road that will go through their lands, gardens or houses. Mr. Arore stated that in the budget report, there is K10 million allocated for this road in his district. Minister for Works and Highway Solan Mirisim responded stating that from his budget report, he is aware that there is K4 million in the Trust Account for the road and not K10 million. Minister Mirisim said he has asked the good member for Ijivitari to get the funds and start the construction of the roads but he didn’t make the attempt. “By Law the district will be responsible for compensation to landowners as it does not come under the government. For the landowners issues, it will be the responsibility for the district and not the government,” the Minister said. The Member for Kainantu, William Hagahuno also asked the same question stating that the Eastern Highlands highway is a very important road link that serves five different districts and it is a must the funds allocated must be released so the Highway can be upgraded to serve everyone using that highway. Minister Mirisim agreed with the member for Kainantu, stating that the Eastern Highland Highway is a economic link and he will ensure the funding is released for the upgrade of the highway. Parliament is still in session since Tuesday.

Prime Minister James Marape provided a detailed response in Parliament to a supplementary question from Chuave MP James Nomane regarding the Government’s borrowing and fiscal management. The question centered on how government departments were funded in 2024 despite revenue shortfalls, why the Government borrowed K3.9 billion last year, and whether commitments made to districts—including North Fly. In his response, Prime Minister Marape stressed that all borrowing was carefully planned and managed within the fiscal framework, ensuring responsible debt management while maintaining essential government services. “The K3.9 billion borrowed last year was not reckless. It was part of our structured financing plan, designed to sustain government programmes while we continue efforts to strengthen our economy. We are not borrowing aimlessly—we are borrowing with a purpose: to refinance expensive past debt, invest in key sectors, and manage fiscal responsibilities efficiently,” he said. Mr. Marape explained that while the nominal debt figure may seem high, its true significance must be viewed in relation to the overall economy. You may hear big numbers—K3 billion, K2 billion, K4 billion—but what matters is the percentage of debt relative to the economy. Globally, many economies have debt-to-GDP ratios above 80%. In Papua New Guinea, for the first time in six years, our debt-to-GDP ratio has fallen below 50%. This is an indicator of our prudent financial management and efforts to ensure the country remains fiscally stable,” PM Marape said. He further elaborated on why borrowing was necessary, pointing out that when his government took office in 2019, the economy was already in a weak position. “When we assumed office in 2019, the national finances were not in good shape. We inherited significant debt obligations, and part of our economic recovery plan involved refinancing expensive loans with lower-interest financing options,” he said. He also cited the global economic impact of COVID-19 as a factor that forced governments worldwide—including Papua New Guinea—to borrow in order to keep essential services running. “The COVID-19 pandemic was a once-in-a-hundred-years event, and countries worldwide had to borrow to stay afloat. We had to ensure that our people were protected, that our health sector was supported, and that our economy did not collapse. Borrowing during this period was not a choice—it was a necessity,” he said. He also pointed out that natural disasters in 2024, including major floods and landslides, further affected government spending and required urgent financial interventions. “We had almost K1 billion in unexpected expenditures due to natural disasters last year. These are real situations where government must step in. That is why we ensure that our financial planning is flexible enough to respond to emergencies while maintaining fiscal discipline,” Mr. Marape said.

The final report of Investigation into the East New Britain Resource Group was presented at Parliament by Minister for International Trade and Investment Richard Maru. The Investigation is about the East New Britain Resources Group’s (East New Britain Palm Oil Limited, Tzen Niugini Limited and Tzen Plantation Limited) and their dealings and business conduct towards the local oil palm growers in East New Britain Province. Minister Maru said this is a very important investigation for the Government and it is the first time in the country’s history that the Government is investigating the price of oil palm upon receiving complaints from over 15,000 village oil palm farmers in East New Britain who have requested the Government’s intervention to help them and their families see 500-600% increase in the oil palm prices, similar to farmers in West New Britain Province. “This investigation was approved by the NEC in its Decision No: 192/2024, following a petition that was presented to me by the local oil palm growers and landowners of Gazelle Peninsula and Wider Bay Area of ENB Province calling for an investigation into the exploitation of an unfair trade practices by the East New Britain Palm Oil Limited for illegal price fixing of K10 per metric ton for Fresh Fruits Bunch payments from November 2014 to 2022, and K15 per metric ton from 2023-2024. The NEC in its decision also approved the establishment of the Investigation Team, the Terms of Reference, and the funding of it (K2 million). The Investigation Team led by an oil palm expert, Mr. David Mather and Deputy Chairman, Mr. Tony Waisi was carried out over 8 weeks from November 19th to December the 17th 2024 and from January 16th to February the 12th 2025,” Mr. Maru said. He added that the Investigation Team found out that East New Britain Palm Oil Limited is part of the East New Britain Resources Group which comprises of East New Britain Palm Oil Limited and Tzen Niugini Limited and Tzen Plantations Limited, and so the Investigation Team extended the investigation to cover the East New Britain Resources Group and not just East New Britain Palm Oil Limited. “Despite some existing legislations governing the operations of the palm oil companies, there is obviously lack of a proper central coordination and oversight of the industry by a regulatory body. Given the lack of oversight and governance of the existing legislation and/or regulatory frameworks applicable to PNG's Palm Oil industry, and the few missing areas with no legislation like a Mandatory Smallholder Price Formula, the State of PNG may not have legal standing to undertake actions against East New Britain Resources Group at this stage. The government of PNG needs to handle this situation with "gracefulness" to ensure a win-win situation for all stakeholders going forward. That is to keep the company operational whilst ensuring fair and equitable Benefit Sharing Agreements,” he said. Recommendations that arose from the investigation includes, · Develop a PNG Palm Oil Policy and Legislation. · Establish a National Palm Oil Council / Authority. · Refocus the Oil Palm Industry Corporation (OPIC) to better service smallholder oil palm growers. · An immediate, independently managed, review of the WB, Special Agricultural Development Project, Smallholder Price Formula, then mandate. · Derive Mandatory Landowner FFB Royalty Payments from the Smallholder FFB Price Formula. · Immediately amend section 11 of the Land Act 1996. · Assist resolve issues affecting all stakeholders associated with the East New Britain Resources Group’s development. · Ensure that East New Britain Resources Group’s compensates for” underpayments” or “losses suffered” by the landowners. · Ensure that East New Britain Resources Group pays the penalties to the State of PNG for any non-compliances with existing legislations (including IRC, ICCC, NMSA, DoT, DLIR, IPA, PNGFA, and CEPA). · Establish a separate investigation into the former CEO of East New Britain Resources Group. · Establish an immediate investigation into Gilford Ltd. “The findings and recommendations from this investigation will guide the Government to reform the oil palm industry to ensure that such rip off of our farmers does not happen by policy and legislation. The findings and recommendations of this investigation will be important to all key stakeholders, the growers and landowners, the oil palm developers, this Government, and key Government agencies who may need to take hold of the report and implement changes,” Mr. Maru added.

CPL Group, through its retail chain brand Stop & Shop, has donated 40 cartons of City Pharmacy water to the National Office of Child & Family Services. The donation, made on Wednesday, 12 March 2025, demonstrates CPL Group’s commitment to supporting community initiatives that safeguard the well-being of Papua New Guinea’s children. CPL Group stated that the water donation will be utilized during community outreach programs and awareness activities aimed at promoting child protection and family welfare. “By providing essential resources, CPL Group is contributing to the collective effort to protect vulnerable children and strengthen family services across the nation,” CPL said. Jerry Wap, Acting CEO of the National Office of Child & Family Services, expressed his gratitude for the support, stating, “Child protection is a collective responsibility, and CPL’s decision to join and support our efforts underscores the importance they place on this cause. “We are grateful for their partnership and look forward to collaborating closely in the future to strengthen child protection initiatives,” he added. CPL said that CPL Group’s support for community-driven projects reflects its commitment to making a positive impact on society. “The company recognizes that protecting children is a shared responsibility and is proud to be part of the initiative led by the National Office of Child & Family Services,” CPL Group added.

The National Superannuation Fund (Nasfund) is pleased to announce its audited results for the year 2024, continuing to deliver strong financial performance and positive returns for over 715,000 members. The fund will be paying an interest crediting rate of 11.75 percent which amounts to K839 million for the 2024 financial year that will be allocated to over 715,000 member accounts this weekend, reinforcing the Fund’s commitment to growing members’ savings despite economic challenges. Nasfund Chairwoman, Tamzin Wardley stated that the audited financial results were approved by the Trustee board on March 13, 2025. "Reporting New Asset Value (NAV) of K8.1 billion and a notable Net Profit After Tax (NPAT) of K849 million for the year ended 31 December 2024. I am delighted that Nasfund’s growth has continued throughout 2024 despite what has been a tumultuous year both domestically and internationally. With strong membership growth and investment returns across the portfolio your fund has reached the K8 billion milestone. This success is a testament to our responsible approach to managing investments and ensuring long-term stability, " she said. She said in a year (2024) that started with the devastations of Black Wednesday, the continuing Government cash flow crisis adversely impacting local business performance and shadowed by 'a cost-of-living crisis, the team at Nasfund has ensured that returns to members remain steady. "Despite no major projects commencing in the country during the year, we have seen strong growth from our existing membership with 56, 874 members and 191 new companies joining the Fund. The positive financial outcomes were significantly influenced by the valuation gains of K487million, more than double the valuation gain of K180million last year. It should be noted that K280million of this gain is from our investment in BSP, which represents 59% of the overall valuation gains," she said. Ms. Wardley stated that their crediting rate for 2024 of 11.75%, underscores their dedication to providing strong and stable returns to our members above CPI over a rolling five-year period, which on average is 7.2% compared to 5.1% CPI average over the same time during 2020 to 2024.

Member for North Bougainville, Francesca Semoso is the first woman in the history of Papua New Guinea to preside over the House of Parliament as Assistant Speaker in today's Parliament Sitting. As Papua New Guinea prepares to celebrate 50 years of independence this is a sight that will go down in the history books of the country. Given the speaker or Assistant Speaker presides over the Parliament House's debates, determining which members may speak and which amendments are selected for consideration. This is something that must be commended as the Government makes this bold decision to give this opportunity to a female to lead Parliament today. The atmosphere and feeling in the house was just an amazing sight. Certainly, PNG’s forefathers are smiling, this generation and the future generations will remember this day. Assistant Speaker Semoso thanked the government for recognizing women and giving her the opportunity to be the first female to preside over Parliament. Members of Parliament both on the government and opposition congratulated her for making history in PNG as the first woman to preside over parliament as the country looks forward to celebrating 50 years of nation hood.

THE Passage of the National Petroleum Authority Bill marks the beginning of a new era for PNG’s Petroleum Industry. PNG National Parliament on Wednesday has passed the National Petroleum Authority (NPA) Bill, a landmark legislative reform that will transform the government and management of the country’s petroleum sector. Minister for Petroleum Jimmy Maladina has welcomed the passage of the Bill said this is a historic moment for Papua New Guinea’s petroleum industry. Mr. Maladina said the passage of the NPA Bill marks a new dawn, one that will bring greater efficiency, transparency and accountability to the sector. “This reform is long overdue, and I am proud that we have delivered it. The NPA will replace the Department of Petroleum, operating as an independent statutory body with a strong governance framework. The new authority is designed to provide streamlined decision-making, improved investor confidence and a more effective regulatory environment,” Mr. Maladina said. Minister Maladina emphasized that the Bill is part of the Marape-Rosso government’s broader agenda to reform and modernize key sectors of the economy. “With the establishment of the NPA, we are fulfilling a critical reform under the government’s agenda to strengthen governance, increase efficiency, and ensure our petroleum resources are managed for the benefit of all Papua New Guineans,” he said. The Petroleum Minister also acknowledged the collaborative efforts that contributed to the Bill’s success. “I extend my sincere gratitude to my parliamentary colleagues for their bipartisan support, and all stakeholders who played a role in shaping this critical legislation. This achievement reflects our shared commitment to strengthening PNG’s resource management framework for the benefit of our people and future generations. With the Bill now passed, the focus shifts to implementation. I reassured industry players and stakeholders that the transition will be managed effectively,” Minister Maladina said. He said his ministry is committed to ensuring a smooth and structured transition of the Department into the new regulatory framework. “We will continue engaging with industry players to ensure the NPA is fully operational and delivers on its mandate. As part of the reforms going forward, work will also commence on reviewing the fiscal regime under the Oil and Gas Act towards a production sharing arrangement. This review, to be conducted in consultation with industry stakeholders will aim to establish a balanced framework that ensures fair benefits for PNG while maintaining a competitive environment for investors. The government targets finalizing this process by August 2025,” Minister Maladina added.

National Petroleum Authority Bill 2025 will transform the Department of Petroleum into an Authority with a Board, a Managing director to manage the Petroleum, Gas and Hydrocarbon industry of this country. Provincial Member for Southern Highlands William Powi expressed during Parliament yesterday when Petroleum Minister presented the Petroleum Bill on the floor of Parliament. Mr. Powi commended the Minister for Petroleum and the Government for introducing the Bill and stated that the Bill is timely, and they need to be compatible with the industry. “We cannot have a government department competing well advanced people with Technology and the know-how, so the Bill is timely. The Department of Petroleum and Energy has been dysfunctional for some time, it has been fully funded but has lack of skills to manage the complex industry. I think we as a country should commend the government approving this Bill, so it regulates the Petroleum and Hydrocarbon in the country. Generally, this Bill enable recruitment of suitably qualified persons in the market environment which is compatible with the industry. It will also provide the opportunity to the government restore credibility in the way we conduct our business in the oil and gas and petroleum industry with this new Authority. The establishment of this authority, the State as the regulator will effectively administer the Petroleum licenses and operations permitting as per the Oil and Gas Act of 1998 and other laws and policies,” Mr. Powi said. He added that in government if they see needs of important functions and when the Department cannot cope with the operating environment, bring such legislation in to have a competitive advantage so that the Petroleum Department is compatible with the expertise and the know-how with the mining companies and the industry players. “I think the Bill is timely and it is important, and we commend the Petroleum Minister Jimmy Maladina with this,” Mr. Powi said.