Govt finalises new stimulus package

THE Government is finalising a new stimulus package that proposes a further K255 million health funding, with the remaining K345mil focused on local level initiatives to support economic growth, Treasurer Ian Ling-Stuckey says.
Ling-Stuckey in his ministerial statement on the economy, said the Government had put in place a responsible 2021 budget strategy that started to respond to the Covid-19 crisis.
“We are on track with a projected increase in our economy of 10 per cent in 2021,” he said.
“We know that this global pandemic will require ongoing actions.
“That is why we have put in place responsible forward estimates a further K600mil in Covid-19 response in 2022.
“That is why we introduced last year a more flexible cash management mechanism through the updated K1.5mil temporary advance facility.”
Ling-Stuckey said they were also working to have the monetary policy fixed through dealing with the foreign exchange shortages plaguing businesses and having more accountable management with a review of the Central Banking Act.
“PNG is experiencing both a health and an economic crisis that is being felt around the world,” he said. “It is a combined crisis that reach down through our societies and communities into our families.
“More families are losing their beloved ones to Covid-19, there is real pain in our communities.”
Ling-Stuckey said they were putting in place best international practice for a second-wave response.
“There have been very specific actions in lifting our health budget by 40 per cent since 2018.”