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Papua New Guinea's natural and cultural assets need careful management
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Culturally one of the world’s most diverse countries, Papua New Guinea is widely considered to be the last frontier for tourism and business opportunities. The island of New Guinea hosts 6-8% of the world’s species, one-sixth of known languages and rivals Borneo, the Amazon and the Congo in terms of biodiversity, according to the Worldwide Wildlife Foundation (WWF). PNG comprises the eastern…

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Papua New Guinea faces tough economic headwinds
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The economy of Papua New Guinea is decelerating, with the GDP growth rate expected to fall by half in 2016 to 4.3% and by nearly half again to 2.4% in 2017. A combination of the end of the construction phase of the PNG Liquefied Natural Gas (LNG) project and an unexpected drop in energy prices has resulted in a significant decline in business activity and a dramatic decrease in government revenues.…

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Health sector struggles as Papua New Guinea's population grows
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A diverse population and rugged terrain present unique challenges to providing effective health services in Papua New Guinea, especially in rural areas. Growing at an estimated annual rate of 3.1%, PNG’s population is a youthful one, with 38% younger than 15 years and only 5% over 60. The fertility rate of 3.8 live births per woman contrasts with an infant mortality rate of 47.6 deaths per…

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OBG talks to Brenda Tohiana, Acting Secretary for Finance, Autonomous Bougainville Government (ABG): Interview
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Interview:Brenda Tohiana To what extent does the ABG have to rely on the national government of Papua New Guinea? BRENDA TOHIANA: The financial arrangements between the two governments are covered under the Organic Law on Peace-Building in Bougainville, as well as in the Bougainville Peace Agreement. There are a number of grants and budget allocations as part of the arrangement, including a…

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Papua New Guinea to hold referendum on Bourgainville's regional autonomy
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Situated at the eastern-most point of the New Guinea islands and in a different time zone from the rest of Papua New Guinea, the Autonomous Region of Bougainville (ARB) is composed of two large islands, Buka and Bougainville, separated by a narrow tidal channel. Together with over 200 smaller islands and countless atolls, it forms an archipelago which is geographically, geologically and culturally…

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Papua New Guinea's banking sector well-positioned to weather current challenges
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Papua New Guinea’s banking sector is adjusting to the slowing of economic growth and to the foreign exchange shortage that is affecting local businesses in the country. However, despite many challenges, the institutions remain well capitalised and highly profitable, and in some cases are maintaining positive profit growth. But more than just holding its own, the sector is developing in significant…

Overview

OBG talks to Wayne Dorgan, Managing Director, Pacific MMI Insurance; Salamo Elema, Acting Insurance Commissioner, Office of Insurance Commissioner (OIC); and Philip Tolley, Managing Director, Capital Insurance: Interview
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Interview:Wayne Dorgan,Salamo Elema andPhilip Tolley To what extent have repetitive fires been affecting the growth of the insurance industry and how they should be contained? WAYNE DORGAN: Although the idea of a risk management association sounds appealing, there is not enough capacity domestically to form one, as the science of underwriting is a very detailed one. In any case,…

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Papua New Guinea's insurance sector has much to offer strong players
OBG
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In Papua New Guinea insurance makes up a small part of the overall economy when compared to international levels. The penetration rate as a percentage of GDP is under 2%, while the global average is 7.5%, according to the UN Development Programme. Insurance in the country is also a sector of great opportunity. Access is straightforward given the regulations and low capital requirements, so…

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Ongoing energy projects to boost growth in Papua New Guinea
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Much of Papua New Guinea’s economic success over the past decade, along with its prospects for future growth going forward, can be tied directly to the energy sector. The efficient construction and operational launch of the country’s first liquefied natural gas (LNG) programme – the ExxonMobil-driven PNG LNG project – not only secured unprecedented foreign direct investment (FDI) into…

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Mining projects roll out across Papua New Guinea
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In line with the global industry as a whole, as a result of the downward cyclical trend still buffeting the industry, the mining sector in Papua New Guinea remains in a cooling period in terms of exploration and production activity. To counteract tighter profit margins brought on by sluggish global demand for minerals and the corresponding drop in commodity prices, mining companies across PNG…