Papua New Guinea Tenders

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Capital Port Moresby
ISO 3166 Code PG
Population 7,398,500
Area, Sq KM 462,840
Currency Papua New Guinean kina (PGK)
Official Language Hiri Motu, Tok Pisin, English
GDP, Billion USD 15,654
GDP Growth Rate, % 5.8
Inflation, Avg CP, % Chng N/A
Interest Rates, % N/A
Unemployement Rate, % N/A
Exchange Rate, 1 USD Equals 2.73
International dial code 675
Time Zone GMT+10:00
Internet TLD .pg

Papua New Guinea is officially known as the Independent State of Papua New Guinea. It is an Oceanian country which occupies the eastern half of the island of New Guinea and its offshore islands in Melanesia, a region of the southwestern Pacific Ocean north of Australia. Its capital is located along its southeastern coast and is known by the name, Port Moresby. The western half forms the Indonesian provinces of West Papua and Papua. This country is known to be one of world’s most culturally diverse countries in the world. There are total 848 languages that are listed for the country. The population of Papua New Guinea is estimated to be over 7 million and most of the people live in customary communities. This country is also considered one of the most rural countries as only 18 percent of the total population resides in the urban centers. It is also one of the least explored, both culturally and geographically. In 2011, the country became the sixth-fastest growing economy in the world due to a strong growth in the mining and resource sector. However, till date, almost 40 per cent of the population liveson less than $1.00 US dollar per day so poverty is quite rampant in the territory. Papua New Guinea is known to be rich in natural resources which mainly include renewable resources as well as minerals such as marine, forests and agriculture in some parts. 85 percent of the population in this country earns their livelihood with the help of cash crops along with comprising 30% of the total GDP. Mineral deposits like gold, copper and oil account for 72 percent of the total export earnings. Oil palm production has grown rapidly over the recent years palm oil has become as the main agricultural export. But as far as household participation is concerned, coffee has remained the major export crop followed by cocoa and coconut oil/copra derived from the coastal areas. The former Prime Minister of the country tried to restore integrity to state institutions along with stabilizing the national budget and privatize public enterprises where appropriate. The Morauta government had also achieved considerable success in attracting international support along with gaining the backing of the World Bank and the International Monetary Fund. By the year 2012 the country had enjoyed a decade of positive economic growth, recorded at over 6% since the year 2007. Papa New Guinea’s real GDP growth rate was 8.9% at 2011 and 9.2% as of 2012 as per the Asian Development Bank.

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