Moody’s Rating Agency confirms the strong economic management of the PNC led government

Statement

As one of the world’s big three credit rating agencies their decision to maintain Papua New Guinea’s B2 rating says many positive things about the PNC’s economic management. The maintenance of a stable credit rating is another example of the success of the Government’s economic strategy, and exposes the lies and misinformation peddled by doom and gloom merchants in the Opposition.
“Through the 2015 and 2016 Supplementary Budgets, the Government undertook fiscal consolidation by reducing unproductive expenditure and implementing revenue-raising measures. The IMF 2016 Article IV commended the Government for undertaking a prudent and measured approach to fiscal policy given this external adverse shock.” Said the Prime Minister.
“As we see improvements in our economic position, now is not the time to relax, and we must continue with reforms. In the next Parliament, we will consolidate reforms to restore a more sustainable fiscal position by addressing some of the pressing issues around revenue generation, public expenditure and debt sustainability.”
The People’s National Congress will continue to work in the realm of facts when discussing our economy. The opposition have not offered any policy alternatives, and they have clearly demonstrated that they do not understand the fundamentals of managing Papua New Guinea’s economy. The PNC will STAY STRONG and continue with the good work we have started in managing our economic future.