IT is estimated that only about 37 per cent of adults in the country have an account with a formal financial institution, according to International Finance Corporation (IFC). The numbers are even lower among low income earners with only an estimated 15 per cent of people with an account. Resident representative in Papua New Guinea, John Vivian said the review by Bank of Papua New Guinea and IFC into financial services available to people in Papua New Guinea including financial consumer protection laws, financial service institutions and practices in Papua New Guinwa highlighted the opportunities for consumers to have access to more affordable credit, and better understand the costs of borrowing. “The end result will improve trust in the system and help promote financial inclusion.”
Review of SML
THE Porgera Landowners’ Association have welcomed Prime Minister Peter O’Neill’s statement in Parliament on Feb 4 that the special mine lease (SML) will be reviewed and renewed. They said they are in support and would work together with the State to review and renew the SML. Spokesperson Tony Mark Ekepa said the Porgera Landowners’ Association and the 24 land negotiating committee (LNC) or agents, who are the signatories to the 1989 Agreement wants greater better benefits for the people just like what the Prime Minister wants to achieve in the SML review.