Papua New Guinea and ADB
In the Spotlight
Sally Shute-Trembath from ADB's Pacific Liaison and Coordination Office reports from Tsak Valley in Papua New Guinea, where hundreds of villagers recently graduated in style from the Microfinance Expansion Project that aims to provide financial education to 120,000 people across the country by the end of 2017.
The growth outlook for developing Asia and the Pacific remains steady, even though momentum slowed in the second half of 2014, but the declining oil prices represent a golden opportunity for many beneficial reforms, ADB says in a new report.
ADB-wide sovereign approvals in the Pacific has risen substantially since 2010, reaching almost $1.8 billion in 2013. ADB is assessing and updating the Pacific Approach, which will continue to guide its operations in the region.
The Pacific region is benefitting from stronger links with Asia’s growing economies, and can gain more with targeted policy reforms and investments, according to ADB's Pacific Economic Monitor.
The majority of the population in Papua New Guinea (PNG) is scattered over a vast and geographically challenging terrain, and relies on subsistence farming for their livelihood, supplemented by informal cash crop production. Income-earning opportunities are lacking and constraints within the bureaucracy’s capacity to deliver basic services continue to hinder sustainable improvements in human development outcomes.
ADB support for PNG focuses on the economic infrastructure to allow for more efficient and safer movement of people and goods around the country. This is vital for creating livelihood opportunities and improving access to basic services.
7.4(2013) Population in millions
2.7%(2008-2013) Average annual population growth rate
28%(2009) Population living below the national poverty line