Prime Minister Hon. Peter O’Neill CMG MP, has foreshadowed a “National Budget for our families” that increases allocation to build more school classrooms and teachers colleges, place more doctors in remote areas around the nation and help small business.
On the eve of Parliament resuming for the budget session, the Prime Minister said the economy was moving forward and it is important that the gains form a growing economy are shared with all Papua New Guineans. “The families of our nation and the business community want equitable growth and economic stability, and this is what our government is delivering,” the Prime Minister said. “We will continue to push on with reforms and development in the priority areas that are at the centre of this Government’s policy agenda. These areas of education, healthcare, law and order and infrastructure have a direct impact on the lives of all Papua New Guineans. “People can see what is going on in our nation and the improvements we have delivered so far to educate more children, save lives through better healthcare, make our streets safer and deliver more jobs. “Through fiscal discipline, the government’s management of the economy is very much on track and within the projections that were outlined to the nation in 2013 when we presented the 2014 budget. “In fact the economy is performing much better in 2014 than had been anticipated and we expect to achieve much higher growth levels than were originally projected in 2013. Prime Minister Hon. Peter O’Neill said deficit and debt levels continue to be monitored and maintained within established limits and estimates that were set in the 2014 budget estimates as approved by Parliament. “As projected in 2013 we will continue to maintain a reduction in our deficit levels to well below 5.9 per cent in 2014. “This in itself is an indication of the government’s sensible management of the financial affairs of the nation. “Our strategy is to continue the reduction of deficit levels for a balanced budget in 2017. “Borrowing remains within authorized parameters with debt levels remaining at less than 35 per cent of Gross Domestic Product. “Inflation at around 5 per cent, employment is increasing and economic growth projected to be at around 8 per cent in 2014 but will be better than anticipated. The Prime Minister said the budget takes account of ongoing structural change in the economy as major construction projects draw to a close and new revenue streams come online. “As a government, we have always known that at the end of the LNG construction phase would lead to some economic softening. As such, our government implemented a deliberate strategy to enter into a deficit budget this year, which was to stimulate and maintain growth levels in the economy. “This is aimed at ensuring that the growth levels that we are achieving today are maintained into the long term.” Prime Minister Hon. Peter O’Neill also called on so-called experts, who are presenting an inaccurate running commentary of the economy to play a constructive role in the economy. “It is time for armchair economic experts to stop trying to create undue alarm with baseless speculation drawn from misleading assumptions,” Prime Minister Hon. Peter O’Neill said. “If you have a comment to make, base this on fact and not speculation or malicious intent.” He said some of these people come from organisations simply seeking cheap media publicity or politicians trying to undermine the success of the Government for personal political gain. “Some of these organisations create sensationalist speculation just so that they can get their name in the media. This publicity then helps them to raise funding for their organisations. “Others, such as the Deputy Leader of the Opposition and former Treasurer, engage in wild and misleading speculation as they continually talk the economy down. “My direct message is to be responsible in what you say and do not speculate on economic information that you do not know anything about. “This kind of talk debate, that is not based on facts, creates uncertainty in regional investment markets and affects confidence which could lead undermine opportunities for our people.”
0 Comments
Leave a Reply. |
Papua New Guinea Breaking NewsPapua New Guinea daily News updates Let Your Voice be heard: Submit your news articles, commentaries, letters , Photos, Media Releases etc to us on this email: pngfacts@gmail.com
Mining & PetroleumTop Links |