Prime Minister Marape expresses gratitude to Kina Bank for  easing Fuel Crisis

Tuesday 12 March 2024

 In a significant development aimed at mitigating the ongoing fuel crisis in Papua New Guinea, Prime Minister Hon. James Marape has commended Kina Bank for its critical intervention.

This move comes in response to Puma Energy’s struggle to maintain a steady fuel supply due to foreign exchange and related issues.

Puma Energy, faced with foreign exchange access challenges in conjunction with the Bank of Papua New Guinea and its banking arrangements with Bank South Pacific (BSP) has found a solution through Kina Bank. Kina Bank’s intervention facilitates the transition of Puma Energy’s bank account from BSP to Kina Bank, endeavoring to alleviate the fuel crisis.

 Prime Minister Marape was in a meeting in his office at Sir Manasupe Haus  on Thursday 7 March 2024,  with Kina Bank CEO Greg Pawson to discuss the facilitation of a smooth transition between BSP and Kina, addressing the country’s fuel supply challenges.

Prime Minister Marape expressed his gratitude towards Kina Bank, stating, “I appreciate Kina Bank for your intervention at this very crucial time where Papua New Guinea is experiencing fuel supply challenges.

 “BSP has been operating in the country for many years, but you (Kina Bank) came in recently and have been very helpful and are serving our people well.”

Kina Bank CEO Greg Pawson outlined the bank’s evolution from a primarily finance-based institution to becoming the second-largest retail bank in Papua New Guinea.

“This growth enables Kina Bank to offer alternative banking solutions in the digital space and support for SMEs, amongst other services.

“Kina Bank is here for Papua New Guinea and we’re happy to assist where the needs are,” said CEO Pawson.

 Highlighting the economic growth and the influx of major resource projects in Papua New Guinea, Prime Minister Marape emphasised the burgeoning opportunities for Kina Bank amidst the dynamic circulation of money through landowner companies and business investors.

In an assertive response to the fuel supply issue, Prime Minister Marape revealed that the Cabinet had activated the Essential Services Act .

 This legislation empowers the government to exercise emergency powers, directing companies within the fuel and banking sectors to operate in the best interest of the Papua New Guinean populace, a strategy where Kina Bank has already stepped forward to assist.

[Featured Image from PNG Business News]

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