The Government of Papua New Guinea has announced that, cognizant of fiscal realities, it has and will continue to review its position including handing down an Appropriations Reduction Bill in 2015.
The priority areas of education, health, law and order and the Provincial and District Support Grants however, will not be revisited. In implementing these measures, the Government will ensure that the deficit will be lower than the deficit planned in the 2015 budget, and the debt to GDP ratio will be not greater from that allowed under the Financial Responsibility Act. As most observers are aware, the drop in global oil prices has had an effect on gas prices in 2015. This has had an impact on revenues derived from the PNG LNG project. There have also been drops in other commodity prices, including gold and copper, as well as a decrease in taxes collected. The Government has weighed up concerns expressed by all stakeholders of this nation, including members of Parliament, and agreed to reductions in expenditure. However, the program of reductions in the expenditure will not be done in a frivolous manner and detract from the economic growth momentum that has been achieved since the O’Neill – Dion Government came into office in 2012. Related Post
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