PM commends Kina

IN a significant development aimed at mitigating Papua New Guinea’s fuel crisis, Prime Minister James Marape has commended Kina Bank for its critical intervention.
This move comes in response to Puma Energy’s struggles to maintain a steady supply due to foreign exchange and related issues.
Puma Energy, faced with foreign exchange access challenges in conjunction with the Bank of Papua New Guinea and its banking arrangements with Bank South Pacific (BSP), has found a solution through Kina Bank. Kina Bank’s intervention facilitates the transition of Puma Energy’s bank account from BSP, in order to alleviate the fuel crisis.
Marape met with Kina Bank CEO Greg Pawson on Thursday to discuss the facilitation of a transition between BSP and Kina, addressing the country’s fuel supply challenges.
Marape expressed his gratitude towards Kina Bank.
“I appreciate Kina Bank for your intervention at this very crucial time where PNG is experiencing fuel supply challenges,” Marape said.
“BSP has been in the country for many years, but you (Kina Bank) came in recently and have been very helpful and are serving our people well.”
Pawson outlined the bank’s evolution from a primarily finance-based institution to becoming the second-largest retail bank in the country with a focus on alternative solutions in the digital space and support for small businesses.
“Kina Bank is here for Papua New Guinea and we’re happy to assist where the needs are,” said Pawson.
Highlighting the economic growth and the influx of major resource projects, Marape emphasised the opportunities for Kina Bank amidst the dynamic circulation of money through landowner companies and business investors.
The Prime Minister revealed that the Cabinet had activated the Essential Services Act . This legislation empowers the government to exercise emergency powers, directing companies within the fuel and banking sectors to operate in the best interest of the country.