Bank of Papua New Guinea (BPNG) in coordination with Lae Chamber of Commerce and Industry presented the March 2023 Monetary Policy Statement (MPS) to companies, businesses and the Provincial Government of Morobe.
The program started highlighting the strong economy recovery in 2022 with the lifting of COVID -19 restrictions, high international prices and production of export commodities, and increased in Government spending and the growth will continue into 2023 driven by increased activity in the non-mineral sector, supported by the Government’s expansionary fiscal policy and the growth in the mineral sector, the bank said.
The presenters Mr. Elim Kiang- Manager, International Transaction Monitoring Unit, Economics Department and Rowan Rupa- Department Manager, Domestic Markets Department continued on to tackle the developments, issues and projections for 2023’s Papua New Guinea’s economic activity mentioning projected growth driven by increase economic activities in the mineral and non-mineral sectors, supported by 5.7 percent growth in private sector credit and higher government spending. The mineral sector relies on the contribution of higher production and export of gold, copper and silver, and the re-opening of Porgera gold mine and commencement of Papau Liquified Natural Gas will yield higher growth. While in the non-mineral sector, growth is mainly contributed by the Agriculture/Fisheries/Forestry, public administration and defense, education, health and social activities, information and communication, accommodation and food services, finance and insurance activities, transport and storage and commerce sectors.
The event were attended by CEOs, COOs, General Managers, CFOs, Senior Managers, Financial Controllers, Accountants, Branch Managers and Account Managers from the various Companies of the city of Lae.
For Able Home and Office, Lae Branch – it was attended by Alvin Berzabal and Chynthia Lala, Branch Manager and Accounts Officer, respectively.
It was a great learning activity knowing what is happening and projections for the City of Lae in particular and for the country of Papua New Guinea in general.