Prime Minister Hon. Peter O’Neill has reiterated that political stability is the most vital component for economic growth and prosperity.
Prime Minister Hon. Peter O’Neill, who was in Kavieng on Tuesday to open the Governors conference, said political stability was important in democracy. "We must not take our hard won democracy, and our recent political stability, for granted," he added. "Let me give you just one example of how important political stability and certainty is. A couple of months ago I travelled to Japan to witness the arrival of the first shipment of LNG exported from Papua New Guinea. It was an historic occasion – and marked the entry of Papua New Guinea into one of the most important energy sectors in the world today." "The capital construction cost of the PNG LNG Project that delivered our first gas exports was over K50 billion. That equates to multiple times our total national budget of K15 billion." "The K50 billion did not fall off trees, or come from some massive underground reserve. It had to be contributed by shareholders, including the State – and much of that contribution had to be raised by loans from institutional and other lenders on the competitive and demanding international financial markets." Prime Minister Hon. Peter O'Neill said these were bold decisions that could only have been made by a government that was strong, stable and forward looking. "As we enter a new and exciting phase in the growth of our nation we need political stability more than ever." Prime Minister Hon. Peter O’Neill said by next year the GDP will be close to 20 percent – the highest in the world, largely due to the impact of massive LNG exports. "Our real challenge starts next year – so we can maintain strong economic growth, job creation, and shared prosperity and greater opportunity because of the beneficial early impact of our first LNG project,” Prime Minister Hon. Peter O’Neill said. "It will not be an easy task in an uncertain global economy."
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