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June 20, 2021
Business Finance News Papua New Guinea

BSP anticipates positive times for PNG economy in future

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Bank South Pacific made known last Friday during its Annual General Meeting and presentation of first quarter 2021 results, that there are positive signs for the PNG economy going into the future.

This comes despite a difficult 2020 business year, where BSP although still being able to make a profit of K806 million, was less than previous year results and is going into doing COVID-19 inoculation for its staff located around the country.

It is no secret that every business in PNG, including commercial banks, were hit hard by the COVID-19 Pandemic in 2020.

However, BSP Board and Management anticipate a positive profit outcome for 2021, compared to last year, given improvement of the COVID-19 situation.

BSP Chairman Sir Kostas Constantinou says the bank has had challenges not just in PNG but across its operations in the Pacific, with COVID restrictions having been in place.

However, Chairman Constantinou forecasts a positive economic future for PNG, given major resource projects being given the go ahead.

“I think good times are coming for Papua New Guinea, we are very fortunate to see the Papua LNG Project has successfully been completed and we have Total who’s a leading partner doing the up-stream while Exxon is doing the downstream and the next one is P’nyang which is very similar to the Papua LNG and between them are around about 22 to 23 billion US Dollars,” BSP Chairman, Sir Kostas Constantinou said.

BSP CEO Robin Fleming was happy to say that the Bank has still been able to provide some relief during the difficult times, with lending options.

INSERT: ROBIN FLEMING – BSP CEO

“Some of the key strategies have certainly been around. Ensuring we’re able to provide support to our customers during the more difficult times, BSP has always had a process and policy of having a provisioning policy for our lending to recognize some of the risks that we encounter not just in PNG but across the Pacific.”

Being the largest commercial bank in the country, BSP is happy to participate effectively in what it forecasts as positive times for PNG’s economy, where Papua LNG, P’Nyang and Porgera are set to generate Foreign Direct Investment.

 This comes amidst BSP announcing during the AGM that the Bank is preparing to join the Australian Stock Exchange by end of this month.

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