Apec to cost K120m

MINISTER for Sports, National Events and Apec Justin Tkatchenko says the real cost of hosting the Asia-Pacific Economic Cooperation (Apec) meeting in November 2018 is K120 million.
He said that was different from the K120 million for the Apec Haus which would be built through Oil Search’s tax credit scheme.
Tkatchenko was responding to East New Britain Governor Ereman ToBaining Jnr on the total cost involved in hosting the Apec Summit.
ToBaining said his province would also co-host some of the meetings and wanted a clear understanding.
Tkatchenko said: “It will be cost effective in the history of Apec.
“Our police and military will work on Apec, many of their normal cost are part of the recurrent expenditure.
“Improving border protection is not an Apec expense, it is a necessary expense that we must undertake before Apec.
“Apec Haus will be built through a tax credit scheme (Oil Search) so it will not require director funding.
“The real cost of Apec meetings is closer to K120 million to host all the meetings.
“We will employ local contractors to deliver services, these money will go back straight into our economy and will stimulate economy and create jobs.
“Only a small fraction of Apec expenditure will go overseas, most Apec spending will be in Papua New Guinea and will create jobs.
“Full figures will be available as planning proceeds and continues to the budgets for 2017 and 2018.
“The Opposition needs to understand the difference between the Apec budget to host meetings at around K120 million and go straight into the economy.
“We all need to work together for Apec.
“Apec is a time to drop politics and get behind the nation.”