Treading water

Article Abstract:

Papua New Guinea is rich in gold, oil, timber and seafood, but is lacking in stability. This is mainly due to the 10 year civil war on Bougainville Island. The new government led by Prime Minister Bill Skate and Finance Minister Roy Yaki have reaffirmed their commitment to promised reforms, and the economy is showing an upward trend. There is a need for foreign investment, but the government needs to concentrate on sound management and effective delivery of services and steer clear of controversy.

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Rebuilding job

Article Abstract:

After a flap with World Bank officials in Mar and Apr 1996, Papua New Guinea seems once again on track with its reform program and will receive an expected $358 million aid package. A fiscal crisis in 1994 and 1995 is now passed, though GDP growth is projected to reach only 0.1% in 1996. The budget deficit fell from 5.7% of GDP in 1993 but was down to 1% in 1995 thanks to an austere spending plan, efforts to cut the bureaucracy, and revenues from oil, timber, and gold production.

Economic policy, Foreign exchange

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Flat-out broke

Article Abstract:

Papua New Guinea's economy is in dire straits and the govt is seeking $400 million in loans over two years, promising to finally implement a slew of reforms. Inflation is running near 13%, investment is stagnant, and foreign reserves in late June had plummeted more than 50% from the year before, to $54 million. GDP will shrink some 5.4% in 1995. Lenders blame corruption and nationalism, and demand lower govt payrolls and liberalized policies.

Economic assistance, Foreign economic assistance

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