PNG governor urges country to reduce reliance on extractive industries
Papua New Guinea must diversify its industries and create a culture of savings
Papua New Guinea (PNG) must work towards reducing its dependency on extractive industries, and develop a better savings culture, the governor of the country’s central bank has said.
Speaking on July 7, Loi Martin Bakani said the economy is heavily dependent on the resource extracting sector, mainly mining, petroleum and gas, urging the country to develop more sustainable sectors such as agriculture and tourism.
“These are where the bulk of our population live and where we can achieve
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Financial Stability
IMF reaches staff-level agreement with Argentina on EFF
The fund could release a tranche of nearly $800m upon board approval
Geopolitical events create tougher financing conditions, ECB finds
Systemic crises are unlikely unless a significant shock occurs
Fed paper looks at US opioids crisis
Banks are causing credit contraction in worst-affected communities, researchers say
QE helped smooth sovereign bond yields, ECB paper finds
Eurosystem’s asset purchases helped reduce effect of “auction cycle”, researcher says
Nigerian president orders central bank to suspend levy
“Cyber security levy” would have charged 0.5% of most electronic transactions
Research queries monetary policy ability to curb financial crises
“Leaning against the wind” is unlikely to work, New York Fed paper argues
China to start selling ultra-long term sovereign bonds
Authorities will start selling 30-year bonds as first stage of major fiscal stimulus
IMF says Jordanian economy likely to stay stable
Fund staff forecast inflation will remain low and growth continue despite nearby conflict
Most read
- Central banks prepare for the rise of AI
- People: RBI appoints senior officials
- Central bank of the year: Central Bank of Brazil