Prime Minister Peter O'Neill says Papua New Guinea's overall economic management has been sound.
He told the three-day Mining and Petroleum Conference opening in Sydney, Australia, yesterday (Monday-12-14) , P-N-G has maintained its credit rating, Kina has strengthened against major currencies and its balance of payments position has improved considerably. However, Mr. O'Neill said, inflation will be a challenge for P-N-G, given the projected record G-D-P growth of 15-point-5 percent in 2015, which is also among the highest in the world. He adds, the government is mindful of the side effects of this development. Meantime, Prime Minister O'Neill has reaffirmed the Government's commitment to improving basic services, aimed at improving people's lives and building a socio-economic infrastructure. He said, this is critical for ongoing economic growth, with a significant boost to spending in the 2015 budget. Mr. O'Neill said, a significant share of the increased spending on infrastructure by the government, is directly benefiting the resource sector, business and industry. Comments are closed.
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