FinCorp Limited today announced the appointment of Mr Mark Ellul GAICD and Mr. Loi Martin Bakani CMG, to its Board of Directors. Both bring a wealth of experience and expertise that will undoubtedly contribute to FinCorp’s growth and strategic direction. Mr Ellul joins FinCorp’s Board with extensive experience in the banking and financial sector, having held senior executive roles at ANZ Bank and Halifax Bank of Scotland (HBOS)/Bankwest. Mr. Ellul’s notable achievements include driving and managing complex business turnarounds and operations, implementing strategic policies and risk profiles, and leading sustainability transitions. His experience in engaging with a wide range of stakeholders and executing complex organizational structures across diverse regions, including PNG and the Pacific, will be invaluable to FinCorp. Mr Ellul’s previous roles include: • Head of Community Sustainability/Senior Advisor Sustainability Transition at ANZ • Executive Director Institutional Banking at ANZ Papua New Guinea • Board Member/Non-Executive Director at ANZ Vanuatu Limited • Chief Risk Officer for Fiji and Deputy Chief Risk Officer for the Pacific; and • Head of Credit Fiji & Pacific and Chief Risk Officer Samoa, Tonga & Cook Islands Mr Ellul’s leadership, including within sustainability and ESG matters, risk and governance, as well as, his strategic mindset, will support FinCorp's mission to optimize resources, increase efficiency, and maximize profit while maintaining quality and workplace morale. Mr Loi Martin Bakani CMG, the former Governor of the Bank of Papua New Guinea (BPNG), brings over a decade of experience in central banking and financial sector reform. During his tenure, Mr. Bakani led significant reforms in microfinance, financial inclusion, and the modernization of payment systems. His efforts in establishing the Centre for Excellence in Financial Inclusion (CEFI) and implementing the Kina Automated Transfer System (KATS) have been pivotal in advancing the financial landscape of Papua New Guinea. Mr. Bakani’s previous roles include: • Governor and Chairman of the Bank of Papua New Guinea (2009-2021) • Deputy Governor - Policy and Regulations at BPNG (2005-2009) • Deputy Chairman of the State team on the establishment of the Sovereign Wealth Fund (SWF); and • Chairman of the BPNG Board Committee for reviewing the Central Banking Act 2000 His extensive involvement in international and regional financial institutions and groups, commitment to policy advocacy, and dedication to transparency and accountability make him a valuable addition to the Board. Goiye Gileng, FinCorp’s Board Chairman commented that, "FinCorp is thrilled to welcome Mr Mark Ellul and Mr Loi Martin Bakani CMG to its Board of Directors.” “Their vast experience and exceptional leadership qualities will be instrumental in guiding FinCorp towards achieving its strategic objectives and reinforcing its commitment to excellence in the financial services sector." Andre Bester, FinCorp’s Acting Chief Executive Officer also stated that, "The addition of Mr. Ellul and Mr. Bakani to it's Board comes at a pivotal time for FinCorp.” “Their insights and expertise will be crucial as the brand continue to innovate and expand its offerings. FinCorp is confident that their contributions will significantly enhance the brands' ability to serve its customers and stakeholders effectively." The Board and Management of FinCorp Limited is confident that the expertise and leadership of Mr. Mark Ellul and Mr. Loi Martin Bakani CMG will drive the FinCorp’ brand forward, ensuring continued growth and success.

In light of the current inflation experienced in the country, the Papua New Guinea (PNG) National Research Institute (NRI) has issued its recent Spotlight edition highlighting some fiscal policy options that the government should consider going forward in addressing inflation. PNG is currently experiencing imported inflation which directly affects the welfare of people and cost of businesses. The inflation pressure has been caused mainly by high taxes on imports and inflation in the exporting countries because of the COVID-19 pandemic and the war between Russia and Ukraine, and the weakening Kina that emanates from the domestic exchange rate reform. The National Research Institute Spotlight Volume 17, Issue 15 titled: “Can macroeconomic policies address the current inflation situation in Papua New Guinea?” states that, of the three macroeconomic policies, monetary and exchange rate policy instruments, cannot effectively address the current inflation, but fiscal policy tools can but at a cost to the government. This latest edition, which was authored by Dr Thomas Wangi, listed some fiscal policy options that can be considered to address the current inflation situation in PNG. They are as follows: · Provide tax relief measures on imports, · Reduce goods and services tax (GST), · Reintroduce fuel subsidy, · Reduce personal income tax, and · Substitute imports, mainly through the agriculture sector. Inflation, which is a general increase in the price of goods and services in an economy over a period is generally bad for the economy, especially when the inflation rates rise rapidly. This is because it reduces the demand for goods and services, increases the cost of living, increases the cost of doing business, and discourages new investments and expansion of existing businesses. Meantime, the Report can be accessed on the PNG NRI website https://www.pngnri.org.

Prime Minister (PM) James Marape has met with Fiji Prime Minister Sitiveni Rabuka on the margins of the 53rd Pacific Islands Forum (PIF) in Tonga where both Melanesian leaders talked on furthering trade and security cooperation. The meeting, which took place on Monday 26th August, discussed mutual areas of concern between Papua New Guinea (PNG) and Fiji, where the two leaders continued to explore and strengthen the bilateral cooperation between the two countries. The agenda covered progress of the PNG-Fiji Defence Cooperation, engagement of Papua New Guinea Defence Force (PNGDF) in peace-keeping operations, trade and investment, land availability in both countries for respective missions, education, and the continuation of the Sir Mara and Sir Michael legacy. Marape informed PM Rabuka that the defence cooperation between the two countries will be progressed, and also highlighted to his counterpart the great potential for trade and investment existing between the two nations, urging bureaucracies of the two nations to work together through the Melanesian Spearhead Group (MSG) avenue to progress trade and investment further. He informed PM Rabuka that PNG is now focusing on commerce, business, trade and investment, and exploring further markets in Asia and the Pacific. The Prime Minister highlighted the East New Britain Initiative (ENBi) in PNG as a regional fisheries commercialisation concept for the fishing and processing of the region's marine resources for export. He stressed that the ENBi provides the opportunity to Pacific Island countries to invest in the project for better returns than what Pacific countries are currently getting from raw tuna export. Marape also made known the availability of land to Prime Minister Rabuka for the construction of the Fiji mission building in Port Moresby city, committing K25 million to start the construction. He then thanked Mr Rabuka for the land the Fiji government is making available to PNG to build its mission office in Suva. Regarding PNG students in Fiji at the University of South Pacific, Prime Minister Marape said PNG would sign up as a member of University of South Pacific, and that the PNG government is looking at scholarship options for Pacific Islands students studying at Pacific Adventist University in PNG.

A group of provincial administration members from East Sepik Province (ESP) were on a fact- finding mission just recently with the assistance of Ok Tedi Mining Limited (OTML) to gain insights on mining operations to prepare for the upcoming Frieda River Project in the Sepik region. The delegation from the Provincial Administration Mining Desk Team, visited from the 11th – 16th August, to understand the various aspects of the mine operations to address some of their concerns with the upcoming Frieda River Copper-Gold Project. The Frieda River Project is located in a region shared by both East and West Sepik Provinces, and has garnered significant attention from local communities due to its potential impact on the environment, particularly concerning the Sepik River and its floodplain system. The delegation visited the Mine, Mill, Ok Menga Hydro Power Station, Bige and Kiunga Operations, and had the opportunity to witness the second stage of regional meetings for the current Community Mine Continuation Agreement (CMCA) Review. They observed the management of mine waste, pyrite concentrate plant, environment monitoring, community relations activities, national and local content business structure, and community development programs, particularly through the Ok Tedi Development Foundation (OTDF). Team Lead Mr. Martin Torovi said Ok Tedi is of a similar physical setting to the proposed Frieda River Mine and the legacy issues of Ok Tedi are the very concerns and anxiety of the Sepik River People. “If Environmental Permit is granted, East Sepik Provincial Administration will be tasked with managing a large mine’s environmental “impact” and benefit sharing agreements and negotiations. We Sepiks do not have the experience to manage these issues. As such we reached out to Ok Tedi for the learning experience,” said Mr. Torovi. “Some of the key takeaways from the visit include: The Development of Engineered Waste Rock Dumps; pyrite treatment plant; Bige Dredging; sustainable development projects; and understanding the Equity, Royalty, Trusts and Development Funds structure.” Mr. Torovi added, “We also could not have asked for a better time to conduct this visit. We had the opportunity to observe the CMCA meetings that is very appropriate to the concerns we have.” Provincial Mine and Lands Minister and President of Gaui Local Level Goverrnment, Mr. Leo Singut said he was appreciative of the opportunity to visit and learn from Ok Tedi. Meantime, OTML Managing Director and Chief Executive Officer, Mr. Kedi Ilimbit, said OTML was happy to provide the delegation valuable insight into the multifaceted activities of their operation. “We believe the visit has provided them valuable information as they prepare for the upcoming Frieda River Project and its impacts in their respective region and province,” said Mr. Ilimbit.

The recent visit by the new President- elect for Indonesia, H.E Prabowo Subianto to the country, has drawn condemnation from the Media Council of Papua New Guinea (MCPNG) after a local female journalist was prevented from attending the arrival and bilateral meetings on Wednesday 21st August in Port Moresby city. Ms. Harlyne Joku, an experienced Journalist writing for Online news platform, Benar News, was denied entry to a joint Press Conference between Papua New Guinea (PNG) Prime Minister (PM) James Marape, and the Indonesian President, despite having all required accreditation to cover the event. Ms. Joku was initially denied entry by Indonesian Officials at the APEC Terminal to cover President Subianto’s arrival, and only gained entry after appealing to a senior PNG Government Minister. She was later told by a local PNG Ministerial Officer that she was not allowed to attend the joint press conference at the direction of Indonesian officials. While she was later advised by an Indonesian Government Official that it was a case of miscommunication, she was still denied access to the joint leaders press conference. Council President Neville Choi condemned the restrictions against Ms. Joku, describing it as an attack on PNG’s independent media sector, and an affront on PNG’s political sovereignty. “This is not the first time for visiting foreign delegations to impose restrictions on PNG journalists covering their events. It is also not the first time that PNG government officials have acquiesced to such requests against coverage of events made accessible to all accredited PNG media,” said Mr. Choi. He said it is even more abhorrent that these restrictions were made because of the origin and professional work of the journalist concerned. “The atrocities inflicted on the people of West Papua by the Indonesian government are not a taboo subject for the media in PNG. Any level of atrocities and humiliation of the worst kind must be reported on. Regardless of how it portrays the Indonesian government’s management of its national issues.” “It is also shameful that the PNG government officials involved in this international visit allowed this to happen to a PNG journalist,” Mr. Choi said. Ms. Joku, now based in Port Moresby, was born in West Papua and has recently been covering stories of human rights abuses and the ongoing push for Independence of the people in the Indonesian-controlled West Papua region. Speaking on behalf of the Council, Mr. Choi said the media in PNG, and its coverage of national news and events, must be allowed to freely practice their craft without fear or intimidation. “The human rights abuses against the people of West Papua have been widely reported on. The restrictions against Ms. Joku portrays a dismal picture of how this issue will be dealt with under President Subianto’s tenure.” Mr. Choi said the Council is concerned that these actions reflect the lack of respect for the rights and freedom of the press. He called on all PNG government to do its part in protecting the rights of journalists in PNG.

Papua New Guinea (PNG) and Indonesia will further their bilateral relationship by expanding and improving on the people- to- people and business- to business relationships going forward. That was the announcement by Prime Minister James Marape following the bilateral meeting this afternoon with the President elect for Indonesia, H.E Prabowo Subianto at the Stanley Hotel in Port Moresby city. “The government- to- government relationship has never been better,” Prime Minister Marape expressed. “We’ve maintained good dialogue in relationship since 1975 when we became independent, but in this relationship, we are fine tuning more in as far as people- to- people and business- to- business, to grow out of this relationship.” Both leaders also agreed to continue the respect of the sovereignty of both nations as PNG and Indonesia share a common land border and common people to people ties. Also agreed was the continuation of the three leaders dialogue, which Marape initiated with the outgoing Indonesian President, Joko Widodo. Marape also acknowledged Indonesia’s ascendance to becoming a developed nation and its market and economy size in the region, stating that in this context it is an opportune time for PNG to further enhance this bilateral relationship with Indonesia. President Subianto also acknowledged PM Marape’s experience in politics, stating that Marape has a lot to give to PNG and the relationship with Indonesia. “Your experience, your geopolitical outlook, your economic ideas, I think is very important and once again I look forward to working with you. Your vision of closeness, the fact is we are very close neighbours, so let us work together and be real brothers." The President elects also affirmed that Indonesia would support PNG's aspirations of becoming a member of ASEAN (Association of Southeast Asian Nations). President Subianto also requested PM Marape to share ideas and views, and support on cultural exchanges, conflict resolutions, and economic benefits for the people in the region by working together. Meantime, President Subianto extended his invitation to PM Marape to attend his inauguration coming soon in Jakarta, Indonesia. The PM gladly accepted his invitation. PM Marape then extended his invitation to President Subianto to attend PNG’s 50 Independence Anniversary next year of which he also gladly accepted. The Indonesian present elect left the country this afternoon headed back to his home.

The establishment of a Dialogue Cooperation Committee for Papua New Guinea (PNG) and Indonesia should go a long way in providing policy coordination and guidance between the two countries. The Minister for International Trade and Investment, Richard Maru made this remark after the Indonesian Government proposed that Indonesia and PNG establish a high-level Dialogue Cooperation Committee to meet every six months to drive the agenda of growing trade and investment, and all cooperation between the two countries. "This committee will provide policy coordination and guidance for the practical cooperation between our two countries,” said Minister Maru. This is important because Maru explained that Indonesia has a similar arrangement with China which has seen significant growth in trade and investment between the two countries. “According to China Customs, total trade value of the two countries as of October 2022 reached US$122.47 billion, an increase of around 26.12% from the previous year. This shows the very close condition of the trade relations between the two countries riding on the back of this arrangement." It is proposed that the committee will be co-chaired by PNG’s Deputy Prime Minister, John Rosso and the Indonesian Minister for Maritime Affairs and Investments, Luhut Binsar Pandjaitan. "We are finalizing the Terms of Reference and Deputy Prime Minister Rosso will be taking a submission to the Cabinet upon returning from our high-level trade and investment mission in Indonesia to have the committee established as soon as possible," said Minister Maru. "This high-level Dialogue and Cooperation Committee will consolidate the relationship between our two countries on a government-to-government level and we will have business-to-business, and people-to-people relationships developed on the back of this arrangement. “It has taken us 50 years to reach this point, and I am very excited about this proposal by the Indonesian Government to establish this high-level committee," added Minister Maru.

The new President of Indonesia is arriving to Papua New Guinea (PNG) today, touching down at the Jackson International Airport at noon (12pm) along with his delegation on his first visit to the country. Prime Minister (PM) James Marape has offered a very warm welcome to Indonesia’s new president, President Prabowo Subianto, as he awaits the arrival of the Indonesian leader in Port Moresby city. “It is a high honour for him to dedicate his first national visit as the President-elect to Papua New Guinea,” said PM Marape. “We share land border with Indonesia. Our people from this side of the border share common Melanesian heritage with theirs. “The incoming leader of one of the world’s biggest economies has decided to pay us a visit on one of his first visits after being elected as president of his country.” Prime Minister Marape is looking forward to receiving him at the APEC Terminal today. “We will give him the full honours befitting a Head of State, and I look forward to sitting with him in the bilateral meeting that follows and the exchanges that will flow from it.” Marape said the bilateral meeting agenda will comprise discussions on education scholarships for PNG students, increase in trade visits to and from Indonesia, and a look into downstream processing for PNG with Indonesia’s assistance. “We will pick up from previous discussions on education scholarships for our students to study in Indonesia,” said the PM. “We also have to ramp up on more trade visits. PNG follows suit on Indonesia’s progress as a processor of its own natural resources. PNG has a big room full of raw produce in our country, especially in agriculture, fisheries and forestry, similar to their produce and our minerals are similar to theirs.” “So, we are synergizing, not just government to government but also business to business. This is now the common agenda I have been driving." Marape said in the last meeting he had with him in Jakarta, the President-elect indicated a fresh approach to managing his people, including those in West Papua. "He was very open to the discussions especially in respect to the preservation of cultural and heritage rights of his people in West Papua,” Marape stated.

The two- day 2024 PNG Update has commenced today at the University of Papua New Guinea (UPNG) in Port Moresby city with much to talk about on an array of topics on pressing issues impacting the country and its people. Dr. Laurence Sause from the UPNG School of Business and Public Policy- programs and research, said the PNG Update is a platform whereby research based on credible data are presented to engage the views of participants and creating dialogue on topics of concern to the development of Papua New Guinea. “Much of what you will hear will be ideas that are coming out from research work of people who will be presenting in those two days,” said Dr. Sause. “Those research work entails the collection of data from engaging with the community and engaging with the society to find out exactly what is happening and collect evidence and present on the platform, which is the 2024 PNG Update.” The topics to be presented in the two days of the PNG Update range from the country’s economic outlook to geopolitics, agriculture, education and health, politics and governance, microeconomics, land issues, gender and gender-based violence, technology, security, infrastructure and development, and climate change. Organized by the University of Papua New Guinea’s School of Business and Public Policy and the Australian National University’s Development Policy Centre, the PNG Update is the premier forum for the discussion of research and analysis relating to contemporary economic and public policy issues in PNG. The 2024 PNG Update is being held at the University of Papua New Guinea’s Waigani campus from the 21st to the 22nd of August with the theme, “Securing a stable Environment for Growth and Development”. Participants at the event include people from the industries, the government, the civil society, academics, students and interested members of the public.

The Global Chair of Transparency International will be arriving in Papua New Guinea (PNG) for a two-day visit in a move to strengthen efforts in the fight against corruption in the country. Transparency International Papua New Guinea (TIPNG) in a statement released on Monday 19th August, announced that the Global Chair of Transparency International, Mr. Francois Valerian, will be in country on this week. The visit, scheduled for Thursday 22nd of August to Friday 23rd of August, marks a significant milestone for TIPNG as the leading internationally accredited Civil Society Organization locally mandated to empower people and organizations in PNG to combat corruption. Mr. Francois Valerian will be engaging with key stakeholders during the visit, including government officials, civil society partners, and business leaders. His presence will provide a valuable opportunity to discuss the challenges and opportunities in the fight against corruption in PNG. Elected Chair of Transparency International in 2023, François Valérian has extensive experience in both public and private sectors. He has been instrumental in various committees, including chairing the Membership Accreditation Committee until 2022. His work spans from tracking illicit financial flows and political integrity to strategic litigation. François led business integrity programs at the Transparency International Secretariat and initiated anti-corruption advocacy at the G20. His professional career includes roles at BNP Paribas, Accenture, and teaching positions at CNAM and École des Mines de Paris. An accomplished author and editor, he holds degrees from École Polytechnique and École des Mines de Paris and a PhD in History.

The National Youth Development Authority (NYDA) in partnership with the local Member for Sinesine- Yongomugl, Kerenga Kua, recently presented 15 brand new sewing machines to the District Youth Development Council (DYDC) for the upskilling of youths in sewing. The new sewing machines were presented to support and enhance the Sewing and Screen-Printing Training Program conducted by the NYDA in collaboration with Nivan Tailoring for the youths in the district. During the presentation ceremony, the Member expressed his commitment to supporting the youth of his district through his representative and commended NYDA for their efforts in empowering the youths in the Highlands region. “This is a good example partnership for youth empowerment,” he said. The presentation of sewing machines signified a positive step towards empowering and equipping the youth with valuable skills for their future endeavors. The support and collaboration among various stakeholders also highlight the importance of community development and uplifting the youths within Sinesine- Yongomugl District, Simbu province. The presentation event was attended by key stakeholders including Mrs. Katrine Aiwa from the Simbu Provincial Community Development Division, Mr. Ken Tommy (District Administrator), and Mrs. Grace (District Community Development Officer). Also present to witness the event were teams from Sinesine- Yongomugl Coffee Development Corporation, Sinesine- Yongomugl Inland Fisheries, Church Pastors, and Community Leaders.

The prime minister has said that the country’s economic outlook is looking promising with further improvements to the county’s economy expected going forward. This might come as some good news for the people especially when things have been quite tough with the increases in price of goods and services. Prime Minister (PM) James Marape announced that Papua New Guinea’s economic outlook is showing significant improvement, driven by stronger growth, low and stable inflation, and a substantial easing of foreign exchange (FX) shortages. In addition to this, Marape said the country is also ranked amongst the fastest growing economies in the region with a GDP growth projection of 4.6 percent for 2024 as per the International Monetary Fund (IMF) report. “The FX backlog for essential imports has improved drastically with waiting times for essential orders dropping significantly. BSP Financial Group has reduced wait times from a peak of six-to-eight weeks to just two-to-four weeks, with other banks reporting similar improvements,” said the prime minister. “The Bank of Papua New Guinea is also injecting more FX into the market than ever before. This will help promote investment, jobs, and growth.” PM Marape attributed all these to sound policies and decisions that his government has made so far. “These positive outcomes are the result of taking tough policy decisions, proving that doing the right thing is paying off. Overall, the outlook is bright, with stronger growth, stable inflation, and easing FX shortages leading the way forward.”