ENB endorses investment policy to up revenue

Islands

EAST New Britain has endorsed an investment policy to increase internal revenue collection to supplement national government grants to continue implementing development projects.
The investment policy was passed by the provincial assembly during its final meeting recently.
Governor and Kokopo MP Ereman ToBaining Jr, pictured, said the policy was to secure investment proposals to increase revenues.
He said with serious budget constraints from the national government and a tight cash flow, provinces were still waiting for or missed out on budget allocations.
He said ENB needed to tap into other revenue sources to increase revenue collection to supplement the national budget and continue to implement the province’s strategic development plans according to schedule.
ToBaining said there was a mismatch between development projects and recurrent programmes as previously the internal revenue annual estimates were never realised. Rabaul MP Dr Allan Marat, when welcoming the policy, described it as a vehicle that would drive economic sector forward.
Marat said the policy and its initiatives were long over-due and commended the provincial administration for coming up with such a policy.
He said ENB must tap into new investment proposals and be self-sufficient and reliant on its own revenue sources rather than waiting for national government grants from Waigani.