The country’ consumer watchdog, the Independent Consumer and Competitions Commission (ICCC) has announced the retail price of fuel will decrease this month starting today; however, the decrease is just a slight decrease from the retail fuel price from last month. For the fuel retail prices for Port Moresby city, it’s K4. 66 per liter for petrol, K4. 39 per liter for diesel and K4.05 per liter for kerosene. That’s a 1 toea decrease for petrol, 2 toea decrease for kerosene, and 11 toea decrease for diesel from last month’s retail fuel prices. The Port Moresby retail fuel prices for March were Petrol - K4.67 per liter, Diesel - K4.50 per liter, and Kerosene - K4.07 per liter. The decrease in the retail prices for April are mainly attributed to the slight decrease in domestic freight charges for the second quarter of 2024. The domestic retail fuel prices (IRPs) for this month are inclusive of the Import Parity Prices (IPPs) or the imported costs for each petroleum product, domestic sea and road freight rates for the second quarter of 2024, the annual wholesale and retail margins for 2024, and the Goods and Services Tax (GST), including the applicable excise duties, among other parameters. Meanwhile, the retail prices in all other designated centers will change according to their quarterly approved domestic freight rates for the second quarter of 2024, and their respective annual retail margins for this year. For all other centers, the maximum retail prices for each regulated petroleum product will all decrease on average consistent with the changes observed for Port Moresby city. As part of the ICCC’s enforcement and compliance of fuel prices, its Investigation Officers will conduct inspections to all service stations to ensure prices of declared petroleum products comply with the allowable maximum prices. The following ICCC officers will conduct compliance inspections in Lae, Mt. Hagen, Kokopo and Port Moresby. Inspections in other provinces will be supported by the ICCC Agents and respective Provincial Administration in those provinces.

The Minister for International Trade and Investment has made it clear to the Australian Government that Papua New Guinea (PNG) will not be part of PACER Plus, alluding to trade imbalances between the two countries. Minister Richard Maru made that known in a recent meeting with the new Australian High Commissioner to PNG, His Excellency John Feakes, stating that PNG is not interested due to the unfavorable trade arrangement with Australia. The Pacific Agreement on Closer Economic Relations or PACER Plus is a regional development-centred trade agreement designed to support Pacific island countries to become more active partners in, and benefit from, regional and global trade, as well as to provide commercial benefit to Australian businesses. “I want to make it very clear to the Australian Government that PNG is not interested in the PACER Plus because Australia hardly buys from PNG with trade skewed in Australia’s favor for decades,” said Minister Maru. He said PNG’s exports to Australia in 2022 stood at AU$1.6 billion with over 98% being gold and other precious metals whilst Australia's exports to PNG stood at AU$95.9 million. “So as far as we are concerned, it is pointless to negotiate a PACER Plus Agreement,” said the minister. Instead, Minister Maru preferred to have better trade arrangements that would benefit both countries. “We would rather go into a new comprehensive economic trade and investment bilateral partnership with Australia which also captures other areas of benefits to PNG given such a vast trade imbalance.” That is why Maru said the PNG-Australia Bilateral Trade Assessment is a priority activity for PNG with the final report to be released soon by Centre of International Economics. “We will also be officially announcing our new Honorary Trade Commissioner to Australia at the end of this month in Brisbane,” Maru said, highlighting other avenues to increase trade and investment. “We want to find potential Australian investors through our Honorary Trade Commission to come and invest in our non-extractive sectors like forestry, fisheries, agriculture, and the tourism sector,” added Minister Maru. Despite the issues pertaining to PACER Plus highlighted by Maru, he stated that Australia is still an important trade partner to PNG, and that being so, better trade arrangements should exist between the two countries. “Australia is PNG’s largest trade partner with bilateral trade of over AU$6 billion in 2022 and is a major investor in PNG with investment valued at over AU$24.8 billion in 2022. We are very grateful for this,” said Minister Maru.

The government has finally released the first batch of relief funds for the businesses affected during the Black Wednesday riots with City Pharmacy Limited (CPL) the first recipient. After over two months of waiting following the announcement of the relief assistance by the prime minister, the government started the disbursement yesterday, Friday 05th April, and CPL being a prominent player in the retail sector and one of the severely hit businesses, received the first installment of financial assistance to commence its wage support program. This program aims to bolster affected businesses and safeguard jobs in the aftermath of the looting and property destruction that occurred in Port Moresby on Wednesday, January 10th, 2024. Chief Secretary to Government, Mr. Ivan Pomaleu, reiterated the government’s commitment to provide relief to affected businesses, beginning with the implementation of employee wage support program. “As promised following the unfortunate events of January 10th, our government is standing in solidarity with the business community,” Mr. Pomaleu said. “The initiation of the employee wage support program demonstrates our dedication to ensuring that affected workers can sustain themselves and their families during this trying period.” Pomaleu said the disbursement of the funds marks the initial step of the National Government’s broader commitment to support and rebuild all the affected business houses. “The employee wage support program recognizes the pivotal role of businesses in our economy and seeks to provide them with the necessary assistance to retain their workforce amidst these unprecedented challenges." The employee wage support program will extend financial assistance to eligible businesses to help cover a portion of employee wages for a period of six (6) months. This assistance is designed to enable businesses to maintain their payroll, prevent layoffs, and sustain operations, particularly crucial for the residents of Port Moresby. The Cabinet has decided to help those businesses after working on specific criteria and guidelines consistent with the government’s Public Finance Management Act (PFMA) to deliver this program because of the peculiar nature of the situation that has affected the country. Mr. Pomaleu emphasized that the disbursement of funds is executed transparently and responsibly, as they involve public funds. Expressing gratitude for the government’s support, Sir Mahesh Patel, the Founder of CPL, acknowledged the significance of the employee wage support program in facilitating the retention of employment amid the company’s rebuilding endeavors. “The employee wage support program is indispensable for our company to uphold employment levels as we embark on our reconstruction journey, which may span up to two years." "These funds will enable us to retain the majority of our employees and sustain the provision of essential services to the community,” remarked Sir Mahesh. In response, the Business Coalition, representing affected businesses, commended the government for its prompt response and urge all eligible businesses to submit their claims for employee wage support relief through the PNG and Port Moresby Chambers of Commerce & Industry. Looking ahead, the government’s forthcoming relief assistance will focus on assisting businesses in rebuilding properties and replenishing stolen or destroyed goods, with the Business Coalition anticipating these measures within the next two weeks.

Footy fans in Port Moresby won’t have to wait much longer for the 2024 AFL Season to kick off because it’s all set for this weekend. The President of the Port Moresby AFL (POMAFL) Association, Mr. Douglas Lai has confirmed with PNG Hausbung that the MoniPlus 2024 Port Moresby AFL Season is scheduled to commence tomorrow, Saturday 06th April 2024. “The Port Moresby AFL Season is starting with the Lightning 12 A Side tomorrow at the Colts Oval,” President Lai said. “This is the preseason and will run full day tomorrow with the round robin format, with the grand final to be played in the afternoon.” In terms of sponsorship, Mr. Lai said POMAFL is pleased to have MoniPlus continue the support as sponsors again of the AFL Season. The preseason was supposed to start two weeks ago, but due to some major maintenance work that had to be carried out on the pitch, the season opener was deferred to this weekend. However, the 2024 season will see the competition run without one club participating- the Gordons Kokofas. The club was suspended for an indefinite period by the Port Moresby AFL Association for its involvement in the on field brawl during the grand final match last year between the Kokofas and the Gereka Bombers.   

Ok Tedi Mining Limited (OTML) will no longer be doing business with Puma Energy in terms receiving the supply of diesel and JET A1 fuel to support its mining operations. This after the mining company made a strategic decision to discontinue its utilization of Puma Energys fuel supply in Tabubil, Western province due to the prolonged inability of Puma to provide consistent diesel and JET A1 supply and fulfill its contractual obligations. The move comes despite OTML making efforts to work constructively with Puma to resolve the supply matter, even offering to purchase the fuel facilities in Tabubil. However, Pumas strong-arm tactics saw the fuel distributor serve OTML with a notice of intention to vacate and demobilize its facilities in Tabubil, leaving OTML with no choice but to explore alternative solutions to fuel supply. OTMLs Managing Director, Mr. Kedi Ilimbit stated that the decision was made after careful consideration of their operational needs and the necessity for reliable fuel services. The transition away from Puma Energy demonstrates OTMLs proactive stance in addressing threats and mitigating operational risks to safeguard the interests of Papua New Guinea (PNG), ensuring the nation continues to benefit from the Ok Tedi Mine,” said Mr. Ilimbit. By swiftly engaging with alternative providers, OTML demonstrates its unwavering commitment to maintaining uninterrupted operations while prioritizing the socio-economic prosperity of PNG.”

The Port Moresby Australian Football League (AFL) Association has put its foot down to suspend for an indefinite period the Gordons Kokofas football club from the competition for its involvement in the on field violence that occurred during the 2023 grand final match.  The Association President Mr. Douglas Lai said the decision had to be made due to the severity of the incident and the destructions the club’s players and fans did during the time of the incident last year. “We had to do this you know,” stressed the Port Moresby AFL Association President. “We’re doing this to send a warning to the other clubs that the Association will impose harsh penalties on clubs that cause trouble during competitions.” He also went to add that the action taken was also to protect sponsor’s confidence in the semi- professional competition. Last year saw the violent clash erupted during the third- quarter of the main grand final match of the Senior Men’s Division between Gereka Bombers and Gordons Kokofas, where chaos swept across the Colts Oval with projectiles thrown by fans targeting each other after some Bombers fans attacked few Kokofas players on the field of play. A Police Mobile Squad unit had to step in to disburse the violent crowd and restore order while the match was cancelled. The Port Moresby AFL competition is a semi- professional competition that is responsible for putting some of the great athletes in the sport on the international stage and its image and reputation must be protected, hence incidents that tarnish the name are not acceptable by the AFL Association. President Lai said the suspension notice was approved by the Papua New Guinea (PNG) AFL Commission and the Association handed it to the club executives last week Tuesday, 26th of March 2024. The suspension is for all players and team officials, meaning that all the club’s divisions from Senior Men’s to Reserve and the Women’s are all removed from the 2024 Port Moresby AFL season’s competition for an indefinite period.  Meanwhile, the other club involved in the incident, Gereka Bombers, got off lightly with no similar penalty like that of the Kokofas, despite instigating the fight. But, a hefty fine will be imposed on the club. An amount of the fine will be decided and a notice letter containing that will be handed over to the club soon.

Papua New Guinea (PNG) is still committed to providing the funding assistance to Vanuatu to support its infrastructure rehabilitation needs. That was the message conveyed by PNG’s Foreign Minister, Justin Tkatchenko when he met with the Vanuatu Prime Minister (PM), Charlot Salwai Tabimasmas, on Holy Thursday at the margins of the 2024 MSG Budget Foreign Ministers Meeting in Port Vila, Vanuatu. Apart from main bilateral matters discussed, Minister Tkatchenko reassured the Vanuatu PM that relevant PNG Government authorities are now working on sending the K10 million assistance to Vanuatu for the rehabilitation of the Kumul Highway that was pledged by the previous PNG government. The Kumul Highway is the main highway which passes through the heart of the capital of Vanuatu, Port Vila. This stretch of road was given the name as a tribute to the PNG Defence Force, which helped Vanuatu’s first Prime Minister, Father Walter Lini, suppressed the secessionist movement on Santo in 1980, paving the way for Vanuatu to gain its independence. PM Salwai expressed appreciation to the PNG Government for the K10 million assistance towards his government and also expressed his government’s strong desire to venture into technical cooperation with PNG in the areas of Air Service Agreement, and education scholarship programs for Vanuatu students particularly for nurses/doctors and engineers to be trained in PNG tertiary institutions. Minister Tkatchenko acknowledged the desire to elevate level of the bilateral engagement and indicated PNG’s intention to elevate its diplomatic representation in Vanuatu to a Consul General status with an office to be established in Port Vila in the near future. In closing, Tkatchenko verbally extended an invitation from PM James Marape to PM Salwai to visit PNG during the visitation of His Holiness Pope Francis in September and added that a formal invite will be sent to all Pacific Island Leaders in due course.

The staff and management of the National Youth Development Authority (NYDA) recently launched their Five Year Staff Development Plan in the city of Port Moresby. The small but significant ceremony, which took place on the eve of the long Easter weekend on Holy Thursday, 28th of March, was witnessed by the Registrar General of the Civil Registry, Mr. Dickson Kiragi and two staff members from Papua New Guinea (PNG) Sports Foundation. NYDA Director General, Mr. Joe Itaki in his keynote address commended the Human Resource (HR) division for the initiative, stating that a team well bestowed in the matters of youths would see the NYDA better deliver its mandate in driving youth development in the country. “Staff training and personal development are the keys to improve staff performance,” the Director General emphasized. Mr. Itaki added that the responsibility now rests with the HR division to identify which staff members are eligible for training and capture the estimates during the next NYDA budget plan in August, 2024. Meanwhile, the Registrar General, Mr. Kiragi highlighted that as an outside observer, he has noticed a great shift in the Annual Operational Plan for NYDA and salute the Director General for his outstanding leadership. The National Youth Development Authority is a National Government office that oversees youth policies and programs in the country, and in recent years the NYDA has been working closely with the provincial and district offices throughout the country, to set up their own youth policies and help set up the Youth Development Councils. The youth councils play a significant role in the development of youth agendas, and engage the youths in meaningful participation in the developments taking place in their respective areas or nationally.

The Papua New Guinea Chamber of Resources & Energy (PNG CORE) is cautioning the government from progressing with the proposed National Gold Corporation Bill 2022 to parliament for endorsement, citing serious repercussions to the country’s mining sector should it be passed. This week, the President of the PNG CORE, Mr. Anthony Smare warned in the media that the proposed bill is very harmful to the country and that it should not be entertained in parliament yet until proper consultations are conducted with all the concerned parties and stakeholders involved who will be impacted by it. It was for this reason that PNG CORE has written to Prime Minister (PM) James Marape requesting urgent consultations on the serious negative impacts the proposed Bill has. This is because the Bill will impact a cross section of players in the mining sector and the State, ranging from the existing mining projects to grassroots alluvial gold miners, PNG’s financial sector, the Bank of PNG, the Mineral Resources Authority (MRA), the police and other state agencies. Not to mention its impacts on international investment confidence in PNG. Although the PM promised consultations in 2021 with the industry, and a parliamentary committee that included MP Don Polye and Oro Governor Garry Juffa was appointed, no meaningful consultation has occurred since then and this is a very big concern because of what the Bill will create. According to the PNG CORE president, the proposed Bill will create a National Gold Corporation, National Gold Bank, and National Gold Mint to be majority owned by a foreign company, but taking key powers from the Bank of PNG and the MRA, including holding the country’s gold reserves, the sovereign right to issue legal tender, and regulation of gold exports. “The issuing of national currency is a sovereign right usually reserved to the country’s central bank but for the first time, the Bill proposes to also give this right to a Singaporean-based company.” PNG CORE is also shocked to note that the Bill does not require the proponents of the National Gold Corporation to build a gold refinery in PNG and allows it to send gold overseas to be refined and processed, if it wishes to do so. The Bill also seeks to override existing project agreements for PNG’s existing mines, which will jeopardise existing financial arrangements for these projects and undermine viability and investor and financing confidence in current proposed new mines. In addition, the Bill’s extension to encompass all precious metals, not just gold, introduces a layer of complexity and broad impact that could have unforeseen consequences across the mining sector. “This destructive Bill will have significant negative impacts on the gold sector, relevant state agencies and the economy in general.” Therefore, with the next parliament session coming up in May, PNG CORE is urging the National Government to engage transparently with the industry and not to progress this Bill to parliament.

Officers from the National Youth Development Authority (NYDA) were recent in the Wewak District of East Sepik province on the request of its local Member of Parliament (MP) to carry out consultations on the preparations for the establishment of a District Youth Development Council (DYDC). The proposed Wewak District Youth Development Council will serve as a means to give the youth population in the district a voice to raise their concerns on issues affecting them, and also serve as an avenue for them to meaningfully contribute to the developments in their district. The consultation, which took place on Monday 25th March, was focused on developing a mobilization plan including logistics arrangements for establishing the Wewak District Youth Development Council. The NYDA team whilst there, met with the Wewak District Administrator, Mr. Gideon Kaivi along with his administration staff, and the Integrated Community Development Manageress, Miss Alice Embe, from the East Sepik Provincial Administration and the team from the EU – STREIT PNG Programme. In his opening remarks at the consultation, Mr. Kaivi emphasized on the need for youth engagements in sustainable programs and activities to keep them occupied and highlighted the need for partnership between development partners and stakeholders within the youth space, so to work collaboratively with the district to support the youth population. Representatives from the EU–STREIT PNG Programme also highlighted the need for working together with the youths in the East Sepik province and have expressed excitement and look forward to more collaboration with the NYDA and all other districts in the province to establish their own DYDCs. Meanwhile, it was agreed upon during the consultation that the NYDA team will travel back to Wewak district in three (3) weeks’ time to formally establish the DYDC. Whilst the NYDA team prepares to establish the Wewak DYDC, the team from the EU – STREIT PNG Programme has already set up a working committee comprising of youths in the district, to work with the District Administration and the NYDA to mobilize the youths in collaboration with the respective Local Level Government Managers in the district, to prepare for the establishment of the youth council. Establishing a youth voice mechanism in the district is very important to create an avenue for youths to participate in the development of a district, cultivate good behaviors of youths and address pressing issues. MP Stanley Muts Samban along with his District Administration recognized the significance of this, hence the invitation to the NYDA to partner with Wewak District to establish the DYDC.

The Bank of Papua New Guinea (BPNG) on Monday launched the Green Finance Center (GFC), an innovative approach to mitigate the risks of climate change impacts on the business sector. The Bank’s Governor, Ms. Elizabeth Genia said that the launching itself is a milestone achievement for BPNG and the country as it aims to achieve sustainability in the local business sector in the face of climate change. “The official launching of the Green Finance Center within the Center for Excellence in Financial Inclusion (CEFI), represents reaching a significant milestone on the journey towards managing climate change risks,” Ms. Genia said. “The significance of the Green Finance Center milestone is in its structure and in its partnership- partnering relationship.” She views the GFC as a specialized hub providing the means for PNG to achieve sustainability through gathering intelligence, and processing it into relevant, practical and meaningful data relevant for the market. “The GFC’s purpose is clear, it facilitates access to ways and means to achieve sustainability, resilience and inclusiveness,” said the BPNG Governor. The GFC seeks to fulfill this through the development of innovative green finance products such as green bonds and sustainability linked loans particularly for businesses that are vulnerable to the impacts of climate change. “Climate change poses a significant threat to MSMEs, it affects the enterprises performance, competitiveness and sustainability,” stated the Bank’s Governor. Currently there are several barriers that prevent MSMEs from accessing green finance, but the GFC should change that. “Through fostering collaboration with financial service partners, the GFC will specially target intervention to assist MSMEs green transition,” stated Ms. Genia. Also, the launching of the GFC means that the Inclusive Green Policy and the Inclusive Green Taxonomy launched in 2023 now have a purpose built structure to give them a real world practical application, explained Ms. Genia. The Green Taxonomy is a framework for defining what can be called environmentally sustainable investments, while the Inclusive Green Policy facilitates future efforts to monitor, regulate, and promote green finance flows in the country. Ms. Genia then went on to thank the people that supported the development and setting up of the GFC. She thanked the representatives of the Global Green Growth Institute (GGGI), the Alliance for Financial Inclusion, the New Zealand Government and the France Development Agency. Lastly, she thanked the Center for Excellence in Financial Inclusion. "I also recognize the leadership shown by CEFI to weave these relationships and the particular expertise and contribution of each partner into the strong fabric that has produced the Green Finance Center."

The members of the NASFUND Contributors Savings and Loan (NCSL) Limited can expect their accounts to be credited this week with the latest interest following an impressive profit made in 2023 by the savings and loans society. At its Board meeting on Friday, 22nd March, the NCSL received the audited accounts for 2023 and announced a net profit of K 9.7 million for the 2023 financial year. After 20% statutory reserving, this will be credited overnight (Tonight) to the savings accounts of the more than 147,000 members and paid in addition to the current interest rates which members are already receiving on their savings accounts. This is a total of 4.15% for the 2023 financial year equating to K 11.6 million in interest on savings for NCSL members. Other Financial highlights of 2023 were: • Total Assets increased by 1.4% to K 316 million, • Net Assets of K36.3 million, • General Reserves increased by 8.2% to K 25.8 million, • Total membership increased by 3.1% to 146,765 members, • Members Savings increased by 2.5 % to K 274.5 million, and • Net Loan portfolio increased by 9.6% to K 152.8 million. NCSL’s Chairman, Christopher Elphick thanked the support, patience, and trust which NCSL received from its members over 2023. He also mentioned that during the year an extensive remediation process to improve Information Technology Risk Management was successfully undertaken. The NCSL Board approved and embarked on a significant upgrade to its core systems to ensure modern digital offerings for its growing membership nationwide. In that exercise, a new call-centre system was implemented so member queries can be promptly answered. This includes NCSL employees receiving improved training with a more customer centric focus to work the call- centre system. Elphick thanked his dedicated NCSL team and stated, NCSL remains committed to delivering modern digital services and affordable financial services to its members.