ABG passes K264mil budget

By STEPHANIE ELIZAH
THE Bougainville House of Representatives has passed a record budget of K264,651,600 for 2012.
It represents an increase of 45.7% over the 2011 Autonomous Bougainville Government (ABG) budget of K181,611,000.
Finance, Treasury and Planning Minister Albert Punghau said it represented a turning point in the progress of the ABG.
“The need for reconciliation, weapons disposal and improved law and order continues to be a major focus for the ABG,’’ he said.
“Improving the economy and the livelihoods of the people of Bougainville in preparing for the referendum continues to be a key priority, this has been
reflected in the framing of the 2012 ABG budget.”
Of the 2012 appropriation, 68.1 percent of the budget will be funded from the national government grants of K180,355,700.
Contribution from donor partners amounts to K37 million and ABG internal revenue accounts for K46,906,900 or 17.7% of the total revenue.
“The government still relies almost exclusively on the national government and donor partners to finance its annual budget but our revenue base is gradually expanding and in real terms, the government is expected to raise more internally than in previous years,” Punghau said.