Prime Minister Peter O’Neill has assured the country and the international community that the government has achieved some of the objectives in the 2014 National Budget.
Mr O’Neill attributed this to good management and fiscal discipline under his leadership. He predicts a much higher economic growth in 2015. Mr O’Neill made these remarks in a separate interview after attending the State Memorial Service of the late Edward Gough Whitlam in Sydney, Australia. The service celebrated the life and achievements of the former Australian Prime Minister, who was also instrumental in granting Papua New Guinea independence. Also present was the founding father of nation, Grand Chief Sir Michael Somare. On the status of the country’s economy, Mr O’Neill said what they predicted in the 2014 National Budget has been achieved. They predicted they will run on a budget of 5.9 percent deficit with a steady debt level less than 35 percent of GDP with an inflation rate around five percent. He said they will continue to create an environment where employment can continue to grow. In the coming years, the government predicts that by 2017, the country will have a balanced budget. They intend to do this by reducing debt levels, ensure deficit levels are on target, continue to maintain confidence in the global business community, and create more employment opportunities. Mr O’Neill said the government was spending money on areas they stated in the 2014 Budget; this included education, health and infrastructure. Despite big investments in infrastructure particularly for the 2015 Pacific Games, he says all is on track, and they will present a very good budget in 2015
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