Diplomatic representation from the US:
chief of mission: Ambassador Leslie V. ROWE embassy: Douglas Street, Port Moresby, N.C.D. mailing address: 4240 Port Moresby PI, US Department of State, Washington DC 20521-4240 telephone: [675] 321-1455 FAX: [675] 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
Papua New Guinea
Economy - overview:
Papua New Guinea is richly endowed with natural resources, but exploitation has been hampered by rugged terrain and the high cost of developing infrastructure. Agriculture provides a subsistence livelihood for 85% of the population. Mineral deposits, including copper, gold, and oil, account for nearly two-thirds of export earnings. The government of Prime Minister SOMARE has expended much of its energy remaining in power. He was the first prime minister ever to serve a full five-year term. The government also brought stability to the national budget, largely through expenditure control; however, it relaxed spending constraints in 2006 and 2007 as elections approached. Numerous challenges still face the government including regaining investor confidence, restoring integrity to state institutions, promoting economic efficiency by privatizing moribund state institutions, and balancing relations with Australia, its former colonial ruler. Other socio-cultural challenges could upend the economy including a worsening HIV/AIDS epidemic and chronic law and order and land tenure issues. Australia will supply more than $300 million in aid in FY07/08, which accounts for nearly 20% of the national budget.
GDP (purchasing power parity):
$12.05 billion (2007 est.)
GDP (official exchange rate):