JOB CREATION IS KEY TO PNG’S ECONOMIC FUTURE: WORLD BANK

BY RAYLEEN WANJUMAN

THE World Bank has launched its latest Papua New Guinea Economic Update, highlighting job creation as the country’s key development priority despite continued economic growth.

Speaking at the report launch in Port Moresby, World Bank Country Manager for Papua New Guinea and Solomon Islands Han Fraeters, said the annual report reviews the country’s recent economic performance, provides forecasts for the year ahead, and examines major development challenges.

Fraeters said this year’s report focuses on creating more jobs, describing employment as the central theme of the World Bank’s partnership with Papua New Guinea.

He said the World Bank supports the country through public and private sector financing, as well as research and policy advice aligned with the Government’s development priorities.

He also noted the World Bank is expanding its presence in Papua New Guinea by increasing the size of its office and team, reflecting its growing partnership with the country.