Part 654

Political parties and leaders: Papua New Guinea United Party (Pangu Party), Chris HAIVETA; People's Democratic Movement (PDM), Roy YAKI; People's Action Party (PAP), Ted DIRO; People's Progress Party (PPP), Sir Julius CHAN; Melanesian Alliance (MA), Fr. John MOMIS; People's United Party (PUP), David UNASI; National Party (NP), Mathias IJAPE; United Party (UP), Paul TORATO; Papua Party (PP), Galeva KWARARA; National Alliance (NA), Sir Michael SOMARE; Movement For Greater Autonomy, Stephen POKAWIN; Black Action Party (BAP), John WAIKO; League for National Advancement (LNA), Thomas PELIKA

International organization participation: ACP, APEC, AsDB, C, CP, ESCAP, FAO, G-77, IBRD, ICAO, ICFTU, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Intelsat, Interpol, IOC, ISO (correspondent), ITU, NAM, Sparteca, SPC, SPF, UN, UNCTAD, UNESCO, UNIDO, UPU, WFTU, WHO, WIPO, WMO, WTrO

Diplomatic representation in the US: chief of mission: Ambassador Nagora Y. BOGAN chancery: 3rd floor, 1615 New Hampshire Avenue NW, Washington, DC 20009 telephone: (202) 745-3680 FAX : (202) 745-3679

Diplomatic representation from the US: chief of mission: Ambassador Arma Jane KARAER embassy: Douglas Street, Port Moresby mailing address: P. O. Box 1492, Port Moresby telephone : 321-1455 FAX: 321-3423

Flag description: divided diagonally from upper hoist-side corner; the upper triangle is red with a soaring yellow bird of paradise centered; the lower triangle is black with five white five-pointed stars of the Southern Cross constellation centered

Economy

Economy - overview: Papua New Guinea is richly endowed with natural resources, but exploitation has been hampered by the rugged terrain and the high cost of developing an infrastructure. Agriculture provides a subsistence livelihood for the bulk of the population. Mineral deposits, including oil, copper, and gold, account for 72% of export earnings. Budgetary support from Australia and development aid under World Bank auspices have helped sustain the economy. In 1995, Port Moresby reached agreement with the IMF and World Bank on a structural adjustment program, of which the first phase was successfully completed in 1996. A second phase structural adjustment loan will be negotiated in 1997. The structural adjustment program includes liberalization of trade and investment policies, sustainable development of the forestry sector, improvement of government planning capacity and better delivery of public services. New gold and oil projects are under development and planned to begin production in 1997 and 1998 respectively.

GDP: purchasing power parity - $10.7 billion (1996 est.)

GDP - real growth rate: 2.3% (1996 est.)

GDP - per capita: purchasing power parity - $2,400 (1996 est.)

GDP - composition by sector: agriculture : 27% industry: 42% services: 31%

Inflation rate - consumer price index: 6% (1996 est.)

Labor force: total: 1.941 million by occupation: agriculture 64% (1993 est.)

Unemployment rate: NA%

Budget: revenues: $1.5 billion expenditures: $1.35 billion, including capital expenditures of $NA (1997 est.)

Industries: copra crushing, palm oil processing, plywood production, wood chip production; mining of gold, silver, and copper; crude oil production; construction, tourism

Industrial production growth rate: NA%

Electricity - capacity: 252,000 kW (1992)

Electricity - production: 1.71 billion kWh (1994)

Electricity - consumption per capita: 382 kWh (1995 est.)

Agriculture - products: coffee, cocoa, coconuts, palm kernels, tea, rubber, sweet potatoes, fruit, vegetables; poultry, pork

Exports: total value: $2.7 billion (f.o.b., 1995 est.) commodities: gold, copper ore, oil, logs, palm oil, coffee, cocoa, lobster partners : Australia, Japan, US, Singapore, New Zealand

Imports: total value: $1.3 billion (c.i.f., 1995 est.) commodities: machinery and transport equipment, manufactured goods, food, fuels, chemicals partners : Australia, Japan, UK, New Zealand, Netherlands

Debt - external: $3.2 billion (1995)

Economic aid: recipient: ODA, $291 million (1993); $240 million bilateral aid from Australia (FY96/97 est.); $4.1 million ODA from NZ (FY95/96)

Currency: 1 kina (K) = 100 toea

Exchange rates: kina (K) per US$1 - 0.7451 (December 1996), 0.7588 (1996), 0.7835 (1995), 0.9950 (1994), 1.0221 (1993), 1.0367 (1992); note - the government floated the kina on 10 October 1994

Fiscal year: calendar year