Positive signs seen in economy, says Fleming

BANK South Pacific chief executive officer Robin Fleming, pictured, says there are positive signs in the PNG economy after some years of slow growth.
Fleming gave an optimistic outlook on the state of the economy in light of recent developments in the extractive industry, especially the Papua LNG project and Wafi Golpu project to be finalised in the next few months.
Fleming said in a statement the signing of Papua LNG agreement had provided an optimism of activity that would be stimulated by foreign direct investment.
He said the Wafi-Golpu project would be a bonus to the economy as it could allow for more diversification geographically.
“In the event negotiations relating to Wafi-Golpu are able to be concluded in the next few months, then this confidence will grow especially as the economic activity will be more diversified geographically,” he said.
Fleming also stressed that foreign exchange import orders had been reduced over the past six months with interventions by the Bank of PNG.
“Foreign exchange has import over the past six months with more regular intervention by the Bank of PNG allowing for import orders for foreign exchange to reduce. The time for orders to be filled has also improved especially with trade and service related orders,” he said.