Dialogue between Govt, IFC-WB pushed

Business, Main Stories


IT is vital that the Government keep dialogue and working relations with IFC-World Bank and the private sector to create an environment that is conducive to doing business in Papua New Guinea.
“IFC-World Bank stands ready to assist in reinvigorating a regular and effective dialogue between Government and the private sector as this is critical to driving reforms that would improve business climate in the country,” the International Finance Corp country director said. 
Peter Cusack told The National yesterday, a day after the release of the IFC-World Bank report that rated Papua New Guinea as a difficult place to do business, that such a dialogue can improve PNG’s ratings.
The report – Doing Business 2010: Reforming through difficult times – revealed that PNG is not faring that well and needs to improve its ranking at 102 out of 183 nations as an easy place to do business.
To improve its position, Mr Cusack said: “PNG country has to carry out reforms relevant to the 10 indicators used to compile ratings”.
“Papua New Guinea is currently on the right track as work is underway in a number of areas, including contract, starting a business and employing workers.” 
At the request of the Government last January, IFC-World Bank initiated an ambitious regulatory reform project aimed at assisting PNG.
Mr Cusack said the IFC-World Bank would assist Government to achieve a better climate for doing business.
He explained that the project was based upon working with Government and the private sector to carry out reforms in key areas through a combination of technical advice, capacity-building and mentoring.
“This work is now well underway,” he confirmed. 
The Investment Promotion Authority and the Department of Commerce and Industry are the main partners.
Support is also being provided to the National Court of Papua New Guinea and the Internal Revenue Commission.