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PAPUA NEW GUINEA

Papua New Guinea is rich in gold, oil, gas, copper, silver, timber and is home to abundant fisheries. The economy is highly dualistic consisting of an enclave based formal sector that focuses mainly on large-scale export of natural resources, and an informal sector dominated by the subsistence and semi-subsistence activities of the majority rural population. The World Bank is committed to a long-term partnership with Papua New Guinea, aligning its strategy with the Government of Papua New Guinea’s medium- and long-term strategic frameworks. Among other goals, the Bank seeks to promote sound macroeconomic and public expenditure management, and well-governed, sustainable extractive industries offering significant benefits at local as well as national levels. In addition, the Bank works to connect people through telecommunications; maintain and rehabilitate infrastructure, empower disadvantaged urban groups through training and employment opportunities, expand rural opportunities through agricultural productivity, and expand the country's renewable energy options.