PNG Gov Will Outline 100 Day Plan For Economic Recovery

Key priority of the Gov was to return the confidence of the people and business community in the economy

By Gorethy Kenneth

PORT MORESBY, Papua New Guinea (PNG Post-Courier, August 7, 2017) – The Government will outline its 100 day plan for economic recovery and how to sustain its programs this week.

Acting Treasurer and Deputy Prime Minister Charles Abel, in a press conference last Friday, directed the set up of a small team to compile a list of targets and deliverables for the next 100 days to increase economic activity and install efficient public expenditure.

Flanked by Treasury Secretary Dairi Vele and Gulf Governor Chris Haiveta, Mr Abel said the plan would be worked into a broader comprehensive response to the Mid-year Economic and Fiscal Outlook (MYEFO) in a supplementary budget.

Having taken briefs from the department, Mr Abel said that a key priority of the Government was to return the confidence of the people and business community in the economy.

“As we emerge from the National Election and a period of slow global growth we have directed officers to focus on driving our economic growth,” he said.

And leading up to the upcoming Parliamentary session, Mr Abel said the Government will be considering a Supplementary Budget to respond to some of the issues that have arisen “to ensure that we continue to meet some of the targets as projected in our budget and we continue to manage this economy responsibly and live within our means.”

“There are a number of significant things that we can undertake to continue to grow our revenue stream and continue to manage or economy responsibly,” Mr Abel said.

“The first priority of the Alotau Accord II is economic growth through sound revenue and debt management, economic participation and empowerment, ownership rights and equitable benefit sharing. The Government was set to ensure we develop and progress as a people and country.

“The recently released MYEFO had been noted from business and social commentators as-an honest assessment of the Governments fiscal and financial operations.”

He said it was necessary to respond appropriately to the report.

The Deputy Prime Minister said, there was mutual agreement in consultations with departments and the private sector to sharpen the focus on increasing revenue and managing expenses.

Increasing revenue will capture the most appropriate means to improve regulatory compliance, increase exports and helping local companies increase their turnover. Whereas the focus on managing debt will aim at efficient spending and getting the most value from our borrowing programs and ensuring that borrowing is on productive means.

Mr Abel also noted the concerns around accessibility of Foreign Exchange and has requested a detailed briefing from the Central Bank Governor and noted that the focus on increasing business activity would capture the issues relating to the availability of foreign exchange.

PNG Post-Courier
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