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Emmanuel MAIPE

Emmanuel MAIPE

PM MARAPE MAKES CABINET RESHUFFLE PM MARAPE MAKES CABINET RESHUFFLE
The Member for Kairuku, Peter Isoaimo is now the new Energy Minister and Member for Kerema Thomas Opa is now the new Finance Minister following the latest reshuffle made by Prime Minister James Marape. The prime minister made the announcement on Friday and also stating that the outgoing Finance Minister Miki Kaeok retains his Transport portfolio. Marape thanked Minister Kaeok for his tenure at Finance. Speaking after the swearing-in ceremony at Government House in Port Moresby city, Prime Minister Marape praised Mr. Isoaimo as a seasoned leader and dedicated member of the government coalition, noting his long political service since entering the National Parliament in the 9th Parliament through a by-election and his earlier years in the Central Provincial Assembly. “Minister Isoaimo has been a loyal and humble servant of this government,” Prime Minister Marape said. “He brings with him a wealth of experience, having previously served as Vice Minister for Works and Highways, and has consistently demonstrated patience, loyalty, and sincerity—qualities we value as we build the next generation of Papua New Guinean leadership.” Mr. Isoaimo’s appointment also restores Cabinet representation for Central Province following the departure of Walter Schnaubelt, National Alliance Party leader, who moved to serve as Governor of New Ireland Province. PM Marape acknowledged the continued partnership with the National Alliance Party, a coalition partner of Pangu Pati since 2019. “We are keeping faith with the coalition arrangement. This was not just about politics—it was the right choice based on experience, region, and merit,” said PM Marape. The Prime Minister emphasized the growing importance of Central Province in the national energy and development agenda, pointing to strategic projects including Papua LNG, the Wildebeest gas fields, and the reopening of Tolukuma Gold Mine. He highlighted the underutilized agricultural land across Central and Gulf provinces as a major frontier for national development. “Minister Isoaimo’s Kairuku electorate lies between Port Moresby and Gulf, at the heart of emerging LNG, mining, and agricultural corridors. He is well placed to drive the energy portfolio in this critical time,” the Prime Minister added. On the reshuffle, PM Marape explained that the changes were part of a broader performance review aimed at enhancing service delivery ahead of the 2025 Budget and beyond. “All departments and ministers are under review,” PM Marape said. “This is about ensuring the right people are in the right portfolios as we head into our 50th anniversary and beyond. We’re doing this for the country—not for our districts or friends.” Incoming Finance Minister Thomas Opa was praised for his integrity and capability. Mr. Marape, himself a former Finance Minister, urged him to maintain strict financial discipline and ensure that public funds are managed transparently and effectively. In his first remarks as Energy Minister, Peter Isoaimo thanked the Prime Minister and the coalition for his elevation. “I did not see this coming,” Mr. Isoaimo said. “But I am humbled by the trust placed in me. I thank the National Alliance Party and Governor Walter Schnaubelt for their confidence, and I pledge to serve the government and our people to the best of my ability.” Minister Isoaimo reiterated his commitment to the Marape-Rosso Government and the national development agenda, expressing readiness to support the country’s energy ambitions. “God bless Papua New Guinea,” he said. “This is a proud moment for me and the people of Kairuku.”
Published on May 3, 2025
SIR JULIUS TO BE ON A NEW K100 BANK NOTE SIR JULIUS TO BE ON A NEW K100 BANK NOTE
It has been confirmed that the late Sir Julius Chan will finally have his image printed on the K100 bank note as a mark of honour and a celebration of his service to the country as one of the founding fathers. Prime Minister James Marape today announced that Papua New Guinea (PNG) will honour the late Sir Julius with the issuance of a new K100 banknote bearing his image — a historic tribute to a man regarded as the chief architect of PNG’s financial system. Speaking during a commemorative event in Port Moresby today marking the 50th anniversary of the Kina and Toea, Prime Minister Marape paid special respect to Sir Julius Chan, who was recently laid to rest in New Ireland Province. “Sir Julius Chan was a towering figure in our country’s history. He built the financial foundations that still support our economy today,” said Prime Minister Marape. “On behalf of the nation, I take this time to pay him a special tribute. Cabinet has already approved the proposal to issue a K100 note bearing his image, to be launched before our Independence Day celebrations on September 16.” Prime Minister Marape acknowledged Sir Julius’ children, Vanessa, Mark and Toea and thanked them for sharing their father with the nation. He noted that Sir Julius had earlier declined the idea of a currency bearing his image while he was alive, requesting that it be considered only after his passing. In closing, Prime Minister Marape reminded the nation that the Kina and Toea are more than money — they are powerful emblems of Papua New Guinea’s ancient traditions, its unity across diversity, and its future aspirations as a bridge between the Pacific and Southeast Asia.
Published on April 28, 2025
DAGODA COFFEE INITIATIVE LAUNCHED IN CENTRAL PROVINCE DAGODA COFFEE INITIATIVE LAUNCHED IN CENTRAL PROVINCE
The Dagoda village in the Hiri- Koiari district of Central province recently saw the launch of the Robusta Coffee Nursery. The initiative, spearheaded by the Dagoda Coffee Cooperative, showcases an impressive 44,000 robusta coffee seedlings, aiming to revitalize coffee production in the region. It was officially launched by Central Province Governor Rufina Peter and Hiri/Koiari MP Keith Iduhu. Addressing the gathering at Dagoda village in Central province, Coffee Industry Corporation (CIC) acting Chief Executive Officer (CEO) Steven Tumae emphasized the importance of this local initiative in aligning with the government’s vision of producing three million bags of coffee by 2030. "A bit of history for you all is that coffee was grown first here in Central Province before it journeyed to other parts of the country and eventually the Highlands, so it’s only right that coffee returns here to its roots," he remarked, highlighting the historical significance of coffee cultivation in the area. Hiri-Koiari District MP Keith Iduhu commended the relentless efforts of the CIC, reinforcing the partnership between the government and the community in fostering agricultural sector growth. He pledged K125, 000 to the Dagoda Coffee Cooperative Society. "This mission and initiative to grow coffee must be in your hearts. It is not a dream; we are not talking for nothing, and today I am giving you all K125, 000—not my money, not the Hiri Koiari LLG president's but yours as seed capital to work the land," he said. While acknowledging the demise of Robusta coffee production in the coastal areas of Central Province over the years, Governor Rufina Peter stated that the Provincial Five-Year. Development Plan (2023–2027), is focused on increasing coffee production through: rehabilitation of old coffee blocks, expansion and cultivation via establishment of new seedling nurseries, modern processing facilities, providing freight subsidy support and maintenance and building of road and bridges to major production areas. “This nursery is more than a collection of seedlings—it is a symbol of opportunity, transformation and prosperity for our province. It is the first tangible outcome of the MoA signed between CPG and CIC on 6th March 2024. This partnership is aimed not just at increasing production, but also at building a coffee processing factory right here in Central Province. This means exporting our coffee directly to the world market from Port Moresby’s seaport. “Central Province produces some of the best coffee in Papua New Guinea with the evidence of being the only province supplying coffee beans to the Dubai Market. This is a legacy to be proud of—and a product the world is eager to experience,” said Governor Peter. Reinforcing the support for coffee growers, Governor Peter expressed her appreciation for the CIC team and advocated for an additional CIC extension officer to be placed in the province, specifically assigned to the Goilala District, while maintaining existing support to assist the coastal communities in Robusta production as well as the high-altitude areas in the other Districts. The highlight of the event came with the symbolic cutting of the ribbon at the nursery, officially launching the 44,000 Robusta seedling nursery. Governor Peter and MP Iduhu performed the honours, and from the nursery, 200 seedlings will be disseminated to schools, churches, and households throughout the community, encouraging locals to cultivate coffee on their own land. This strategic initiative not only aims to enhance the economic landscape of Dagoda but also seeks to reconnect the village with Central Provinces historical roots in coffee cultivation, ultimately leading to increased income and self-sustainability for the villagers. Among the attendees at the launching were acting Provincial Administrator for Central Province Edward Kila, Provincial DAL officers, CIC staff, and representatives from neighbouring Seme, Vaivai, and Gaire villages, all unified in their commitment to boosting local agriculture and empowering the Dagoda community.
Published on April 27, 2025
BUSINESSMAN URGES GREATER DEVELOPMENT FOR THE SEPIK REGION BUSINESSMAN URGES GREATER DEVELOPMENT FOR THE SEPIK REGION
The greater Sepik that we are trying to build is not the place but it's the people says young thriving private businessman Mr. Kevin Kamus. As a guest speaker at the 2025 Pacific Adventist University Sepik Student Association (PAUSA) New Student Orientation, Mr. Kamus told the PAUSA students that this greater Sepik that Sepiks dream to build, is not the infrastructural growth or development in Sepik, it is about changing and building the mindset of the people. "As a young man I dream of building Sepik, but my aim is to change the mindset of our younger generation to be civil and respectful. We cannot hope for infrastructural development or cry to the government for development, we have to develop our mind and change the way we think in order to bring development back home and to our people, " Mr. Kamus encouraged the students. He told the students that the greater Sepik depends on the younger generation now to work together and go back and be the change. " We must not ask what Sepik can do for us but what we can do to help Sepik be the Greater Sepik not for us but for the many generations yet to come. Our Grand Chief Sir Michael Somare had a dream not just for Papua New Guinea but for his people and that is to bring development back home and by changing our mindset. As we head towards celebrating 50 years of our country's independence, let us try to be the change for our people back home," he said. Mr. Kamus also presented a K5,000 cheque to the Association as a personal contribution.
Published on April 22, 2025
PM EXTENDS PNG’S CONDOLENCES ON POPE’S PASSING PM EXTENDS PNG’S CONDOLENCES ON POPE’S PASSING
The Vatican announced the passing of Pope Francis at the age of 88 on Easter Monday 21st April, announcing that the head of the Roman Catholic Church "returned to the house of the Father" at his residence, Casa Santa Marta. Following his passing, Prime Minister James Marape on behalf of the Government and people of Papua New Guinea (PNG), passed his deepest condolences to the global Catholic community and the Holy See on the passing of His Holiness Pope Francis. The death of Pope Francis is not only a loss to the Catholic faithful but to all humanity. He said the late Pope’s humility, compassion, and unwavering commitment to justice, peace, and the environment earned him respect far beyond the Church. The Pontiff on his world tour last year visited PNG where he even went to Vanimo during his stay over in the country. “Papua New Guinea had the distinct honour of welcoming his holiness during his historic Apostolic Visit from 6 to 9 September 2024, a moment of immense spiritual significance for our country. During his time in Port Moresby and Vanimo, Pope Francis brought a message of unity, inclusion, and hope," said the prime minister. The Pope’s public Mass at Sir John Guise Stadium in Port Moresby and his engagements with the young people and church leaders left an indelible impression on all who witnessed them last year. “His words and presence inspired our people, reminding us to care for the vulnerable, to act justly, and to walk humbly with God. May his soul find rest in the arms of the Almighty and may his life’s example continue to guide us—towards humility in leadership, compassion in service, and faith in action. “To the College of Cardinals, to the Vatican, and to Catholics across Papua New Guinea and the world, we grieve with you. Pope Francis lived and died in service to God and humanity, and he now rests in eternal peace,” said Marape. Pope Francis was the first Latin American pope in the Church’s history who will be remembered by PNG for appointing the first Cardinal of PNG, Sir John Ribat, his visit to PNG and also for his declaration of the canonization of Blessed Peter ToRot to become a Saint, which is to take place in September 2025, coinciding with PNG’s 50th Independence Anniversary. Pope Francis’ passing on Easter Monday brings his twelve (12) year reign as head of the Catholic Church to an end. His funeral will be held in four to six days’ time.
Published on April 22, 2025
CEFI & WESTERN PACIFIC UNIVERSITY SIGN MOU CEFI & WESTERN PACIFIC UNIVERSITY SIGN MOU
In its efforts to promote financial education to Papua New Guineans, the Center for Excellence in Financial Inclusion (CEFI) recently signed a Memorandum of Understanding (MoU) with the Western Pacific University (WPU) to further this effort at the tertiary level. CEFI and the WPU signed this landmark MoU to jointly promote entrepreneurship, fintech, financial literacy, and microfinance education in Papua New Guinea (PNG). The MoU between CEFI and WPU signifies a collaborative effort to advance education, particularly in the realms of entrepreneurship and microfinance, fostering mutual growth and development. The MoU outlines several areas of collaboration, including: Support WPU with the Entrepreneurship and Innovation Hub programs, Set up of the Fintech Hub with support from WPU, Curriculum Development and Implementation, Monitoring and Evaluation of Program Impact, and Industry linkages and Stakeholder engagement. The MoU was officially signed on Friday, April 11, in Mt. Hagen city by CEFI’s Acting Executive Director, Mr. Peter Samuel, and WPU President, Dr. Janet Rangou (PhD). This strategic partnership signifies a shared commitment to building human capacity, promoting innovation, and equipping students with practical skills to drive economic growth and financial empowerment across the country. Speaking at the signing ceremony, Mr. Peter Samuel expressed enthusiasm for the partnership. “We’re very excited about this collaboration and truly appreciate WPU’s innovative spirit. Attending the graduation today gave us confidence that we are partnering with an institution that shares our mission to empower our people. We look forward to the opportunities this partnership will create.” In response, Dr. Janet Rangou highlighted the value of the partnership for student development, saying: “We hope this collaboration will allow us to equip our students with lifelong, practical skills that will serve them and their communities long after graduation.” Meanwhile earlier during that day, Mr. Samuel and his team attended WPU’s inaugural graduation ceremony at its campus in Ialibu, Southern Highlands Province. A total of 99 students graduated in various disciplines, including Certificate in Higher Education, Bachelor of Arts in International Business Management, Bachelor of Science in Computer Networks, and Bachelor of Science in Computer Programming.
Published on April 21, 2025
BUSINESSES IN PORGERA CONTINUE TO FACE MAJOR CHALLENGES BUSINESSES IN PORGERA CONTINUE TO FACE MAJOR CHALLENGES
The President of the Porgera Chamber of Commerce and Industry has petitioned the Assistant Commissioner of Police Western End to address the ongoing law and order crisis in the Porgera Valley of Enga province or risk having business houses shutdown operations. In an official letter dated 17th April 2025 addressed to the Controller of the State of Emergency in Enga, the President Mr. Nickson Pakea plainly stated that Porgera businesses are no longer safe in an environment that is now extremely dangerous. The recent incidents along the main transport routes have raised significant concerns regarding the safety and security of businesses and their assets along the road from Laiagam to Maip. “In the last three years, we have witnessed a total of eight (8) twin steer trucks loaded with goods valued at K2.4 million being looted along the road between Laiagam and Mulitaka and the ineffective action by the responsible authorities has triggered us to declare this road is no longer safe and vulnerable to loss more of the store goods in years to come,” he stated. This alarming trend not only threatens the livelihood of local business owners but also undermines the rule of law along the national highway. Just recently on April 15th, he witnessed for himself another twin steer truck being looted before police arrived to disperse the thieves. After seeing this he sadly admitted that these culprits might never be apprehended by police or for such criminal action to be prevented in the future. “This inaction has left the community and the business owners feeling vulnerable and unprotected. To exacerbate the situation, the culprits have been demanding K5, 000 in cash to release the second container since security forces intervened.” He said this is indeed degrading the value, dignity and integrity of the independent state of Papua New Guinea (PNG) and the Royal PNG Constabulary (RPNGC) and security forces. In light of this serious issue, he said the business houses have opted to protest in the form of closing their doors; a stop- work to draw the attention of the urgent need for intervention and support from the authorities. “As from now and into the future, we want businesses and lives along the road guaranteed by the hierarchy of the police,” he further stressed.
Published on April 21, 2025
MAJOR RESOURCE PROJECTS TO PROCEED| PM MARAPE MAJOR RESOURCE PROJECTS TO PROCEED| PM MARAPE
Now that political stability has been assured following the defeat of the recent motion of no confidence in parliament, Prime Minister James Marape says it is now time to focus on delivering the promised resource projects in the pipeline set for commencement. Prime Minister Marape said with political stability assured, he reaffirmed his government’s focus on progressing several transformative resource and infrastructure projects, including: • Wafi-Golpu Mine, • Papua LNG with TotalEnergies, • P’nyang Gas Project with ExxonMobil, • Pasca A Offshore Project, • Frieda River Gold-Copper Project, and • Other LNG and resource expansions in Central Province. These projects, worth an estimated USD 40 billion in foreign direct investment, are scheduled for implementation between 2026 and 2035. “We are sequencing these projects carefully to deliver continuous, sustained growth for our economy,” Prime Minister Marape said. “From mining to petroleum, from landowners to investors—our government is working to ensure that these projects deliver maximum benefit to our people.” Marape also said his coalition government is not interested in what he described as political games, instead, it is the progress of the country is what is important to them, assuring full commitment by Members of Parliament towards nation building. “They are committed to working for the people and addressing the real challenges our country faces,” Prime Minister Marape said.
Published on April 20, 2025
A LOOK AT THE PARLIAMENT SITTING TODAY ON THE VONC A LOOK AT THE PARLIAMENT SITTING TODAY ON THE VONC
The scene at the National Parliament this morning was of organized groups gathering outside the parliament building in orderly fashion to enter the chamber to witness the day’s proceedings on the motion of a no confidence in Prime Minister James Marape. There were also no gatherings outside the main National Parliament gate and no sign of people holding up banners or signs protesting outside the parameters of parliament. Everything was quiet and calm. It was a normal day. Meantime, in the parliament chamber, the Members of Parliament (MPs) from both sides of the house entered the doors leading into the chamber at around 9:50AM, that’s ten minutes before the sitting time to start at 10AM. As the country anxiously awaits the results of today's parliament sitting, the MPs were in a cheerful mood chatting, laughing, hugging, shaking hands and smiling, a shake- off of the tension that has been building surrounding the proceedings of this vote of no confidence that was to come in few moments time. That short space of time was a moment of ease before getting down to business. The parliament's public gallery was packed with the people witnessing the sitting take place. The Speaker of the House (Parliament) commenced the proceeding and then the MP for Abau Sir Puka Temu, rising as the mover, moved the motion of no confidence followed by a few words to open the debate. “I move that parliament has no confidence in Prime Minister James Marape and nominate the Governor for Enga province, Sir Peter Ipatas to be elected Prime Minister of the independent state of Papua New Guinea,” Sir Puka declared. The good MP for Abau then went on to state the reasons for the no confidence in the prime minister, stating that James Marape has not done much to address the problems the country is facing and that what had been promised when he came into power six (6) years ago in 2019, most had not transpired and that things have now gone much worse than previously experienced in the country. He highlighted the high cost of living, the high unemployment rate, food security issues and law and order to just name a few issues that he mentioned. The good MP for Wabag, Dr. Lino Tom seconded the motion and also echoed similar sentiments made by Sir Puka. But following the short statement by Dr. Lino, a call to proceed to the actual Vote of No Confidence (VONC) to commence was made. It was at this instance that things started getting rowdy. The argument was that as per the Supreme Court order, parliament will debate the VONC before the voting can take place; however, the Speaker of Parliament, Job Pomat, argued otherwise referring to the parliament standing orders which states that in a sitting to entertain a VONC, parliament should move forward with the vote with no debate. There were shouts, angry gestures exchanged between the MPs on the floor of parliament and while this was going on, parliament security had to remove a man from the public gallery for allegedly using his mobile phone to either record a video, go live or take pictures of the proceedings, which was a big no- no. He was led out under the guard of security officers. Nevertheless, the Speaker prevailed and parliament then voted of which the outcome was 89 votes for Prime Minister James Marape to retain his seat and 16 votes for the alternate Prime Minister, Sir Peter Ipatas. A grateful Prime Minister Marape thanked his coalition MPs and Papua New Guinea, through the leaders, for having confidence in his leadership so far. Marape pledged to continue the work and deliver more for the people. Meanwhile, Governor Sir Peter Ipatas congratulated Marape and urged him to go further in serving the country by seriously addressing the current pressing issues faced by the people. He also urged all MPs to work together in addressing the issues in this country going forward. Sir Ipatas also thanked the Opposition and the people of PNG for their confidence in him and appointing him as the alternative Prime Minister. Prime Minister Marape will now continue his term until 2027, which is the National Election year, now that he has the 18 months Grace period working for him after this unsuccessful VONC.
Published on April 15, 2025
I WILL ACCEPT WHATEVER RESULT| PM MARAPE I WILL ACCEPT WHATEVER RESULT| PM MARAPE
On the eve of the vote of no confidence, Prime Minister (PM) James Marape has come out to say that he will concede to whatever the result will be during parliament sitting tomorrow, Tuesday 15th April. In a press statement the prime minister affirmed that whatever the outcome of Tuesday’s vote, he would honour the decision of Parliament. “If the majority of Members of Parliament (MPs) decide to elect Sir Peter Ipatas as Prime Minister, I will fully respect and support that decision. But if they express continued confidence in me, I will be humbled to carry on and complete the work we have started together,” he said. Prime Minister Marape reiterated that the vote is a constitutional process under Section 145 of the National Constitution and reflects the strength and maturity of Papua New Guinea’s democracy. “This is the democratic process at work. I appeal to all citizens to allow our Constitution to guide us through this moment with calmness, dignity, and respect.” Prime Minister Marape, who has led the country since May 2019, acknowledged that the vote comes at a significant time, as the nation prepares to mark its 50th anniversary of Independence in September. “As we approach our Golden Jubilee, I urge our people to remain united and tolerant of one another’s views and political choices. Papua New Guinea is the most diverse nation on earth, and national leadership must reflect empathy, understanding, and unity.” The PM then made a call to the public to remain calm, respectful, and united as the country prepares for the vote of no confidence motion scheduled for tomorrow.
Published on April 14, 2025
NBC TO ENTER POM STOCK EXCHANGE NBC TO ENTER POM STOCK EXCHANGE
Papua New Guinea’s newest commercial bank to enter the banking sector, the National Banking Corporation (NBC), is looking at entering the stock exchange. The NBC is planning to publicly list its stocks for public purchase as early as next year 2026, with Prime Minister James Marape calling on Papua New Guineans to prepare themselves in anticipation of this event. Prime Minister Marape, while launching the new commercial bank on Thursday (10.04.25) evening, urged Papua New Guinea’s superannuation funds, provincial governments, landowner companies, nationally owned businesses, and individual Papua New Guineans to look forward to the announcement and to buy shares in the bank. NBC is expecting an Initial Public Offering (IPO) on the Port Moresby Stock Exchange toward the end of 2026. Marape said he wants to see 80 percent of NBC owned by Papua New Guineans and Papua New Guinean companies with only 20 percent shareholding remaining with the State, through Kumul Consolidated Holdings. “So, to all Papua New Guineans, get ready to invest in your bank. Let’s make NBC become the biggest commercial bank in the country. Be ready because I will ring the bell very soon,” he said, adding that provincial governments and their subsidiary companies, especially, must take a keen investment interest in NBC and prepare for the IPO. Currently, NBC has 10 branches in the country and working to expand to all provinces of PNG, including Bougainville. NBC is the upscaling of the former People’s Micro Finance bank, which focused on providing microfinance banking services to small income earners and ordinary Papua New Guineans. It was established in 2013. NBC remains the subsidiary of the National Development Bank (NDB), one of the nine State enterprises of PNG. The expansion into the banking sector is part of the reforms currently undertaken by the Marape-Rosso Government to revitalize State-owned enterprises to become commercially-profitable and better service oriented for the people of Papua New Guinea.
Published on April 11, 2025
IMF REPORTS FAVORABLE ECONOMIC GROWTH FOR PNG IMF REPORTS FAVORABLE ECONOMIC GROWTH FOR PNG
The latest report from the International Monetary Fund (IMF) has painted a very good picture of Papua New Guinea’s (PNG’s) economic growth, attributing it to sound economic policies and measures taken by the government. In an IMF article from that report published on Tuesday 8th of April 2025, it stated that PNG’s economic growth is projected to increase to 4.7 percent in 2025 with the outlook remaining broadly positive. It went on to say that continued fiscal consolidation would help to reduce debt risks, while a tighter monetary policy stance would reduce foreign exchange pressures, support the crawl-like FX arrangement, and keep inflation low. This positive outlook report came about following PNG authorities and the IMF team reaching staff-level agreement recently on the policies needed to complete the fourth reviews under the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) and the first review under the Resilience and Sustainability Facility (RSF). The IMF staff welcomed the PNG authorities’ progress in implementing their homegrown economic reform agenda, which continues to bear fruit, according to the report. Meanwhile, the IMF team led by Mr. Nir Klein, mission chief for PNG, visited Port Moresby from March 27 to April 9, 2025, to review progress under the PNG authorities’ homegrown economic reforms supported by the ECF, EFF, and the RSF arrangements and discussed economic and financial policies in the context of the 2025 Article IV consultation. The Article IV policy consultation focused on policies to preserve fiscal space for development spending while re-building buffers against shocks, modernize monetary policy frameworks and restore kina convertibility, strengthen governance frameworks, enhance competitiveness, and build resilience to climate change. At the conclusion of the mission, Mr. Klein issued the following statement: “I am pleased to announce that IMF staff and the Papua New Guinea (PNG) authorities have reached a staff-level agreement on policies needed to complete the fourth reviews of the ECF and EFF arrangements and first review of the RSF arrangement.” The completion of these reviews would allow for the immediate disbursement of approximately US$161 million in financing under the ECF-EFF arrangements and approximately US$26 million in financing under the RSF arrangement. This would bring the total IMF financial support disbursed thus far to about US$616 million for PNG. “Despite a challenging environment, Papua New Guinea’s performance under the IMF-supported program over the past two years has been strong. The authorities have sharply reduced the fiscal deficit and adopted important amendments to the Income Tax Act—a major milestone in the simplification of tax policies; introduced critical governance enhancements to the central bank and strengthened its operations, leading to improved access to foreign exchange and mopping of excess liquidity; and supported the operationalization of the anti-corruption framework. “Papua New Guinea’s economic outlook remains positive. Growth is expected to increase to 4.7 percent in 2025 from an estimated 3.8 percent in 2024, supported by the gradual resumption of activities at the Porgera gold mine and improvements in access to foreign exchange," said Mr. Klein. He added that average headline inflation, which is largely affected by the betel nut price volatility, is projected to increase to 4.8 percent in 2025, after declining to a historic low of 0.6 percent in 2024; core inflation, which excludes betel nut and other volatile items, is projected to move up to 4.0 percent in 2025, staying below the historical average. Gross international reserves remained adequate at US$3.7 billion at end-December 2024 (equivalent to about five months of imports of goods and services), providing ample space to continue supporting the crawl-like arrangement. However, he did say, “The authorities should address the remaining gaps in the anti-money laundering and countering the financing of terrorism (AML/CFT) regime and further strengthen governance frameworks. Allocating sufficient budget resources to the Independent Commission Against Corruption (ICAC) remains critical to ensure its full and effective operationalization." On climate change mitigation, he simply said that to address longer-term challenges from climate change, the authorities should continue strengthening disaster risk management, integrating climate considerations in infrastructure governance, enabling climate finance, and setting up fiscal incentives for forest protection and energy efficiency, in line with their international climate commitments and supported by the RSF arrangement. “The IMF will continue to work closely with the Papua New Guinea authorities and stands ready to help them, not only through financing and policy advice, but also through technical assistance, coordinated with other development partners,” he said.
Published on April 10, 2025