The government of Papua New Guinea’s plan to offer over a billion kina worth of government inscribed stocks (GIS) to finance its deficit budget is well underway.
So far, the government has offered K200 million worth of GIS with another K210 million still to be offered, which will total up to K410 million GIS offered by the government for 2014.
So far this year, the government has offered K200 million per month from January to May and in the months of August and November.
Another K110 million is said to be offered in the months of June and July followed by K100 million in September, October and December.
The Bank of Papua New Guinea, in its role as the debt management issuing agent of the Department of Treasury, say it has been announcing to investors during the first week of each month the amount of each Inscribed Stock series auctioned on the third Tuesday of each month and settled three days later on the Friday.