A K200 billion economy will give Papua New Guinea the economic space it needs to finance the nation’s development. Prime Minister James Marape said that since his election as Prime Minister in 2019, he had held firm on his view that PNG had the potential to transform the nation into a K200 billion economy. “This requires that we evolve from a mindset of dependency on Government, wantoks and foreign aid to one of economic independence, where we harness economic opportunities available in our country and invest in growth,” he said. “Our Government’s election victory was a vote-of-confidence in the direction that we have taken our nation over the course of the past three years. “We have sought to stabilise an economy shaken by global uncertainty, and to bring about budget repair. But the fact is that more needs to be done.” PAPUA New Guinea Europe Business Council Inc president Michael Sullivan says the national economy is still in a trough but is on a rising trajectory.
He said this during his welcome address at the third PNG Europe (EU-PNG) Business, Trade and Investment Conference which began in Port Moresby yesterday. “Total Energies that leads the Papua Liquefied Natural Gas (LNG) project in Central and Gulf provinces, along with Newcrest and Harmony Gold’s Wafi-Golpu gold project in Morobe provides some light at the end of the tunnel,” he said. Sullivan said the LNG project having started front end engineering and design (Feed) promised another period of high economic growth for the country in the near future. PNG Prime Minister James Marape has announced a record K9.7 billion tax revenue collection by the Internal Revenue Commission (IRC). He made the announcement as he prepares to travel to London for the funeral service of Queen Elizabeth II and as Papua New Guinea prepares to celebrate its 47th Independence anniversary on Friday, September 16, 2022. “I commend the sterling performance by the Internal Revenue Commission for the last eight months,” PM Marape said. “Papua New Guinea could not have asked for a better 47th Independence Anniversary performance indicator of a key State energy working its heart out. This record collection is the highest ever since 1975, and most importantly, highest collection ever in a tough year. Perform or you'll be kicked out, Marape tells underperforming Departmental and Agency Heads4/8/2022
DEPARTMENT and agency heads who delay the implementation of economic recovery measures will be removed, says PNG Prime Minister James Marape. Marape said the Government had addressed inflation during the last Parliament and had passed a K611 million budget to support the economy but a slow bureaucracy had meant recovery measures were not as effective. He said some of the measures had included the fuel subsidy, the removal of goods and services tax on essential food items, the payment of school project fees and lowering of income tax . Papua New Guinea Prime Minister James Marape told a campaign rally in Port Moresby over the weekend that Papua New Guinea's economy has increased during PANGU's leadership in Government. PM Marape said for the last three years, PANGU and its coalition partners in government have worked hard to see an increase of about K30 billion. You compare that with PNC and Oniel’s 8 years record where economy was grown by K35 billion, we Pangu delivered much better . Facts are facts, numbers don’t lie so if any one of you doubt then look up at websites of IFM, World Bank or Central Bank on these figures. OPPOSITION Leader and Vanimo Green River MP Belden Namah (PNG Party) says Papua New Guinea (PNG)’s foreign exchange nose-dived significantly in 12 years under the governments of Peter O’Neill (People’s National Party) and James Marape (Pangu Pati).
“Our country’s debt-to-gross domestic product now stands at 52 per cent and our borrowing threshold has been raised to 65 per cent which means we will keep on borrowing,” he said. “After 12 years in the Opposition, I promise Papua New Guineans a different kind of leadership as prime minister,” he added. “I have been properly refined to lead PNG now. |
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