Government maintaining PNG Economy well : PM

Statement

Prime Minister Peter O'Neill says "over the past five years we have maintained positive economic growth, despite a very challenging global environment.
Our economic fundamentals remain sound, even when facing pressure, and continue to be maintained through careful and sensible management.

The National economy is projected to continue grow at 3 per cent this year, and build on previous years of positive economic growth.

At the same time, similar economies around the world are facing economic decline.
We are running a deficit budget, and that is the sensible considering the pressures on the economy at the current time.
We cannot sit and wait for the global economy to recover, we must continue to invest in our people, and we must continue to invest in infrastructure in key sectors.
The global economy is recovering, and we have to continue to ride the end of the storm as economic conditions improve.

Prices for our key mineral exports are still trending at low levels, but better than in 2016.
To mitigate the risks and ensure macroeconomic stability, our Government will continue to carefully monitor economic developments affecting revenue streams.
We will deliver a 2017 Supplementary Budget, as a natural course of action for any new Government.
The Supplementary Budget will ease financing pressures, while ensuring the ongoing delivery of essential services.
Particularly in core policy areas, we will make necessary adjustments to achieve the fiscal deficit target of this year’s budget.
We are not contemplating new taxes as part of the 2017 Supplementary Budget.
Our critics can say all they want, but in the previous term of Government we did not raise taxes.
We will continue to focus on achieving sustainable economic growth and maintaining a sound fiscal path.
Attention will continue on revenue generation to support social development objectives.
We will continue to enhance the quality of government expenditure and manage debt to maximise growth.
With support from the IMF and World Bank, we are currently reviewing a study of the medium term fiscal strategy to ensure that our budgets are framed prudently.
In the 2018 National Budget there will be a renewed focus on implementing a revenue system that is just, efficient, and responsive to the needs of our country.
We are not increasing taxes, but ensuring it is fair for all who should pay tax.

APEC PAPUA NEW GUINEA 2018
Over the coming year, Papua New Guinea will host APEC.
Over recent years the reputation of our country has been enhanced in the International community.
We will continue to strengthen relations with our close trading and cultural partners, and foster greater people-to-people exchanges.
The economies of APEC account for more than half of global trade, and we are expanding our access in these markets.
In November in 2018, the Presidents and Prime Ministers of APEC’s 20 other Member Economies will visit our country.
This creates a unique opportunity to showcase our country to the world.
Business leaders from the APEC region, and around the world, will be in Papua New Guinea and carry with them greater trade and investment opportunities.
Through APEC we have access to technical co-operation, capacity building and sectoral exchange that will help so many of our industries.
There will be more than 15,000 overseas visitors coming to Papua New Guinea for APEC over the coming year.
Collectively, delegates and their Governments will spend well over 100 million Kina on accommodation, air fares and other expenditure in Papua New Guinea over coming year.
This is additional stimulus for our economy, on top of National investment in APEC infrastructure and services"  he said.