Informal sector generates K12bil annually: Ling-Stuckey

TREASURER Ian Ling-Stuckey says the informal sector is worth around K12 billion a year and its impact on the lives of the people is greater.
This was revealed in the national audit of the informal economy report.
He said the Government wanted to shift the focus on the economy back to where most of the people earned their living.
“The discussions highlighted that the informal economy accommodates (the) vulnerable people, including women, elderly people and people living with disability, all of whom may be excluded from the formal economy and need some flexibility about where they work and their working hours,” Ling-Stuckey said.
“Of course, we want all sections of the economy to be strong.
“But it is the informal, the micro, small to medium enterprises sectors that are the backbone of our economy, especially the work done in agriculture.”
He said more than 80 per cent of the workforce depended on the informal economy.
“Last week, the Prime Minister (James Marape) and I had a very constructive meeting with the Micro and Small and Medium Enterprise (MSME) Council,” he said.
“Today, I had a follow-up discussion with the Department for Community Development on the informal economy.”
Ling-Stuckey said protecting the people from the Covid-19 – the health risks and financial effects – was the priority of the Government.
He will reveal more about the Government’s response to the Covid-19.
“Let me assure all in the informal economy that we have been listening to their needs.
“Of course, we will not be able to meet all their expectations but we will deliver a package of measures that are well-targeted and responsive.”