Port Moresby, January 16, 2024 – Prime Minister Hon. James Marape announced today the historic appointment of Ms. Elizabeth Genia as the first woman Governor of the Bank of Papua New Guinea (BPNG). Ms. Genia, who has been serving as the Acting Governor of BPNG since January 2023, was officially appointed by the National Executive Council (NEC).
“I am pleased to announce the historical appointment of Ms. Elizabeth Genia as the first woman Governor of the Bank of Papua New Guinea,” said Prime Minister Marape.
“This signifies the confidence that my government places in the women of Papua New Guinea. Mrs Genia through her work has progressed up the rank of the bank the last 40 years for her to be picked as a qualified candidate”
Highlighting the government’s commitment to collaboration, Prime Minister Marape expressed anticipation for the cooperation between the government and the Bank of Papua New Guinea. He emphasised the focus on addressing persistent issues such as national fuel security, foreign exchange, and the proper organisation of the Credit Guarantee Corporation, launched in 2022, to sustain and boost the growth of the small to medium enterprise (SME) sector.
“The Government will respect the independence of Central Bank but use the monetary policy to support and grow the economy,” he said.
Prime Minister Marape also told Ms. Genia that BPNG must ensure a steady flow of funds from export revenue, especially from the PNG LNG Project and mines and other export items, to beef up the country’s foreign exchange which is now at K14 billion.
“This will ensure that importers have ready access to foreign exchange to import goods than wait for a long period of time,” he said.
“The bank should also be encouraging resource projects to keep their export earnings onshore.
“One of the country’s biggest problems over the last 10 years has been the foreign exchange issue.”
Prime Minister Marape also told Ms. Genia for BPNG to look at the possibility of using the Chinese ‘renminbi’ as an alternative to the US dollar, given China’s increasing trade with PNG.
“I want the bank to look at the possibility of using the Chinese currency, given our increasing trade with China,” he said.
Prime Minister Marape also wants BPNG to properly organise the Credit Guarantee Corporation, which was launched in 2022, to sustain and boost the growth of the SME sector.
“I want SMEs to be properly linked to the Credit Guarantee Corporation,” he said.
“The government will support with some funding for SMEs as our people want cheap, easy to obtain loans.
“This is also very much of the government’s Medium-Term Development Plan IV where we aim to have jobs created from SMEs.”
Prime Minister Marape also told Ms. Genia that the BPNG must operate Central Bank with a PNG character and understanding of PNG people and banking requirements.
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