Prime Minister, Peter O’Neill, said Papua New Guinea's economy is stable, and the Government is confronting global challenges. He said, those facts are in the recent Bank of Papua New Guinea publication. Mr O'Neill said the country is within debt limits and that it does not have extraordinary levels of foreign debt. He said inflation is at around 4 per cent, and the country's foreign exchange reserves have around nine months of cover, which he adds is higher than many parts of the world where import cover is only around 3 months. The Prime Minister states, the country's debt to GDP is at 33 per cent and below the Financial Responsibilities Act requirement of 35 per cent. He also pointed out that there is enough liquidity in the system for the Government to borrow domestically. Mr O'Neill said the Government is cutting non-priority expenditure and increasing revenue. He said Parliament will meet in October and look at priorities for readjusting the budget. Related News PNG Police Chief Gari Baki charged with contempt
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