Prime Minister O'Neill says PNG well-placed for 2015

PNG well-placed for 2015. PM

Papua New Guinea Prime Minister Peter O'Neill in his New Year message said despite global challenges especially in the drop of world oil prices, PNG is well-placed to withstand these global economic conditions for a progressive 2015. 

While slamming critics and saying the plunging world oil prices will not impact on PNG’s LNG revenues, the Prime Minister also took note of major events that will take place.

These include the country’s 40th independence anniversary on September 16, a meeting of Leaders of the Pacific Islands Forum, the 2015 Pacific Games to be held in Port Moresby in July and the start of our preparations for the 2018 APEC meeting.

“The year 2015 will mark our 40th year of independence as a nation, and will provide an opportunity to take stock of and build on our recent progress.

“Our nation will also hold the largest Pacific Games that has ever been undertaken, we will host the Leaders of the Pacific Islands’ Forum and welcome hundreds of APEC delegates as we prepare to host APEC Presidents and Prime Ministers in 2018.”

The Prime Minister said the focus of the Government will remain on the core policy areas that it promised to the people at the 2012 election, while managing global economic concerns relevant to the country.

“As a government we will continue to ensure the development of our four key priority areas of free education for all of our children, universal healthcare, improving law and order around the nation and delivering vital infrastructure.”

The Prime Minister said there will be challenges, particularly as the larger economies around the world face difficulties, but the government is working to make sure people and businesses are protected.

“We are working to insulate people and businesses in our country from these complications.

“In particular, while the price of oil has dropped in recent months, for the most part this will not overly affect LNG revenues as we have forward contracts in place that are set at fixed pricing formula.

“Our domestic economy remains strong with a range of major projects underway that have already been funded and are creating tens of thousands of jobs throughout the country.”

PM O’Neill said that the infrastructure programs the government was pushing forward were to ensure the economy continued to generate business and create jobs into the future.

“Projects such as new roads, bridges and wharfs, new teachers colleges other educational institutions, and ongoing hospital improvements will be delivered in 2015.

“We are building thousands of new houses that will also be completed in 2015, giving thousands of Papua New Guinean families their own home through one of the best personal home loan schemes in the world.

“We will continue to devolve decision-making and spending power away from Waigani to local level governments and communities where this authority can be better undertaken in a targeted and transparent manner.”