Agencies challenged to create policies to boost economy

Business

DEPUTY Prime Minister Davis Steven has urged regulating agencies to discuss and formulate workable regulations that the government could implement to encourage economic development.
Steven told the Business Regulators Summit yesterday that there was a need for the development of smarter regulations to support Papua New Guinea’s economy.
He said agencies needed to create regulations with the specific goal of improving productivity.
“I hope we can ensure our key business regulations are efficiently streamlined to be in harmony so that it can contribute to economic activity and in achieving our aspirations,” Steven said.
“Regulators must understand that any regulations will impact business and the persons that are regulated.
“As the PNG economy grows, the need for more regulations is inevitable but we must look for smart regulations and that does not over burden ourselves.
“We need to be careful in the way we prioritise and regulate with a specific objective in mind with a regulatory framework that is sufficient.
“We want to focus on domesticating some of our key policy initiatives and variables and clearly outline where we want to go with our engagement within the region.”
He also encouraged the authorities to set business requirements in a manner which would be attractive to the informal sector.
According to the Informal Sector National Audit report released earlier this month, K12 billion circulated within the informal sector annually.
The deputy prime minister said this was not captured by the formal banking system nor subject to taxation.
Steven said the government would consider regulatory reforms and recommendations from the summit.

One thought on “Agencies challenged to create policies to boost economy

  • Important point by IFC’s Kirkby at the Business Regulators Summit.
    The Papua New Guinea’s politicians inability to do their fundamental job was uncovered right there! At least formally from a key government partner.
    Bypassing or neglecting policy making responsibility is unfortunately the engrained trend in our political landscape.
    Most MPs it seems have been just too preoccupied playing CEO of departments, self-appointed Chiefs of their people, expert commercial negotiators and petty parliamentary horseplaying.

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