PNG Goverment pumps in additional K360 million for Pacific Games
And an additional K250 million for the Pacific Games expenditure was also allocated as advance payment under the 2014 supplementary budget that was also officially released yesterday.
Also included in the 2015 national budget allocation was K30 million for the Pacific Games security.
Treasury secretary Dairi Vele mentioned this in a brief statement during the 2015 national budget lock up at Parliament’s state function room and Treasury Minister Patrick Pruaitch’s ministerial statement in Parliament detailed the latter.
Both leaders’ presentation revealed that the construction progress on all facilities for the 2015 SP Games were now 60 per cent complete and should be finished before next year July.
"The 2015 budget will be PNG’s largest at K16.199 billion, an increase of K1095.3 million from the revised 2014 budget. This will lead to a forecast deficit of 4.4 per cent of GDP. Over the medium term it is expected that the size of these deficits will gradually fall, ensuring the right balance is struck between responsible fiscal settings and macroeconomic stability," Mr Pruaitch said.
He mentioned among other factors contributing to the strong growth of PNG, apart from oil and gas and also considered to boost activity in the non-mining sectors, would be the 2015 South Pacific Games and the preparations for the APEC meetings.
"We have allocated for the completion of facilities for the 2015 Pacific Games K360 million and in addition to the K250million advanced in the 2014 supplementary budget," Mr Pruaitch revealed.
"We are building our nation and providing opportunities for our people," he said.
Post a Comment