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PM Marape boasts Pangu Increases PNG Economy in 3 years

Papua New Guinea Prime Minister James Marape told a campaign rally in Port Moresby over the weekend that Papua New Guinea's economy has increased during PANGU's leadership in Government.

Mr Marape said for the last three years, PANGU and its coalition partners in government have worked hard to see an increase of about K30 billion.

“When we took over the government in 2019, our country was officially in recession, you can confirm this with World Bank, International Monetary Fund, Asian Development Bank, and our own Central Bank. By 2018, our country was already on record as officially in recession at a Negative 0.3 per cent growth. Basically, this means PNG had run out of money!

“From when we took over the government to now in 2022, the economy has surpassed K101 billion by our calculations,'' Marape told the crowd in Tok Pisin. 

The Prime Minister continued by quoting reports by World Bank released earlier this year that estimated the PNG economy to do even better by some K8 billion more than what has been estimated internally. 

''To the doomsayers and those in the Opposition, World Bank has stated in March this year that PNG’s economy will hit K109 billion by the end of this year.

“In three hard years, by God’s Grace and by using an economic tool called Deficit Budget Financing Strategy, we have kept the economy of the country operational. James Marape is not stupid; I am the son of the everyday Papua New Guinean – I know what it feels like and how to help everyone right across the country,''  Marape told his supporters .

Mr. Marape made those remarks at the Pangu Team NCD rally at the Sir John Guise Stadium on Sunday.

NBC News / PNG Today

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