Govt breathing easier as economy recovers: PM

THE Government is in the process of recovering from “a very challenging period” of the economy in recent years according to Prime Minister Peter O’Neill.
He said this at the PNG Mining and Petroleum Conference yesterday, while noting a drop of about K1.2 billion in government revenue from falling global commodity prices.
“We have been through a challenging period in our economy over the past few years. When commodity prices fell to their lowest point our revenue from oil and gas went from more than K2 billion to around K200 million. But we weathered the storm, and we have emerged stronger.
“Now we see the global economy turning a corner, and this is having a positive impact on Papua New Guinea’s economy.”
“This is not the time for us to make too many changes; it is time for us to maintain fiscal discipline that has seen us through difficult times. Let me say that with confidence, the 2018 budget will not impose any new taxes.
“Our aim is to stimulate business and create jobs.”