Papua New Guinea Finance Minister James Marape told Parliament that Papua New Guinea still has about US$1.8 1 (K5.2 billion) in foreign reserves, and this can last up to 8 or 9 months, and there is no need for panic.
Finance Minister James Marape said this when responding to questions by Opposition Leader Don Polye, in Parliament yesterday. "Mi laikim yu tokim nation wanem tru em level blo foreign reserve lo country in terms of import cover, national cover em how mas capacity blo foreign reserve emi stap lo country can mekim ol displa import/export lo next few months". Minister Marape when responding said there is sufficient reserve in the Central Bank, and Members of Parliament should stop talking down the country's economy. "By the end of this year, we're focusing to have about 5 point 7 billion kina in our foreign reserve.We have 7 to 9 months of coverage in our foreign reserve.About one point 8 billion U.S dollar sitting in our foreign reserve.There is money sufficient to cover us for about 8/9 month period".
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