Economic conditions difficult: Fleming

Business

By CLARISSA MOI
ECONOMIC conditions in the past six months had been difficult and is expected to continue into the next 12 months, according to Bank South Pacific chief executive officer Robin Fleming, pictured.
He said yesterday this was despite some of the “positive announcements” regarding the Papua LNG and P’nyang gas projects. “We certainly have a sense that it will continue notwithstanding some of the positive announcements with Papua LNG and anticipated positive announcement with P’nyang by the end of next month,” he said.
“Even if those announcements are made, it’s going to take some time before we are able to see it translate into additional foreign direct investment and foreign exchange flows coming through into the market.
“So we suggest in the next 12 months, the conditions would be similar to the last six months – relatively flat, positive uptake – as we proceed into the final investment decision for the Papua LNG and P’nyang projects towards end of next year.
“Hopefully some of the early works with partners of those particular projects have the confidence that those projects will proceed.
“And equally, you would anticipate that the government will be putting a lot of effort into getting some of those agreements with partners in the Wafi-Golpu project towards the middle of next year.”
Meanwhile he said foreign exchange continued to be an issue.

One thought on “Economic conditions difficult: Fleming

  • The Bank of PNG Governor Loi Bakani is answerable for the foreign currency issue in the country. He and BPNG should immediately lift/rescind that ‘agreement’ that is causing this foreign currency problem . This agreement BPNG/Bakani entered into with a certain global financial institution has now become public knowledge. I wonder if the commercial banks know about this secret agreement and are tight-lipped about it. I also wonder if the advice given to the PNG government by BPNG is in the best interest of the country or the global financial institution who is paying handsomely to achieve its purpose.

Comments are closed.