THE value of the sliding kina will stabilise once the proceeds from the Liquefied Natural Gas (LNG) project starts to flow in, Treasury Minister Patrick Pruaitch said.
“I want to assure the people that it’s a temporary thing,” Pruaitch said in response to questions from Chuave MP Wera Mori in Parliament last Friday. “We know that the construction stage of the LNG is winding down and the foreign exchange coming into the construction period is now slowing down. “So the foreign currency that is coming into the country is becoming less and at the same time there is more demand for us to pay in foreign currency.” Pruaitch assured the House that once receipts from the LNG started to come in, it would stabilise the kina and top up the currency. Mori asked why it was stated that the country’s current economic growth of 6% and was predicted to increase to 21% next year but the strength of the kina continued to spiral downwards. “The people of this country want to know what sort of relief they could get that the little money they have when they go to the shops they are able to have the buying power?” Mori said. Comments are closed.
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