K56.3 million spent on Apec so far

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THE Government has so far spent K56.3 million from the K74.5 million drawdown for the Asia-Pacific Economic Cooperation year, Parliament was told.
Apec Minister Justin Tkatchenko in his report on preparations said the total projected expenditure of K202.1 million is less than the budgeted K270 million.
“We delivered world-class accreditation, venues with best audio-visual equipment and a Papua New Guinea cultural experience the delegates will never forget.
“In the coming months before we reach the leaders’ summit, further meetings will include ministerial level meetings for Finance, and women in the economy.
“Of the remaining K18.2m, K5.5m had been committed waiting payments.
“We are now in the business end of the Apec year with security expenditure, which is still to be finalised, salaries, vehicle payments, building renovations, meeting costs and the International Media Centre, together with any other operational expenses projected to require a further K128.1m.
Pending further security requirements, this total projected expenditure of K202.1m is substantially less than the budgeted K270m.
Placing this into perspective delegates and member economies alone are anticipated to be spending up to K200m on airfares, hotels, administration and other expenditure in Papua New Guinea.
But the real value of Apec is long-term. This is through the level of global awareness of Papua New Guinea’s economic and investment potential.
“It is through the opportunitie that we can draw from regional Apec expertise and capacity building to strengthen our key economic sectors such as tourism, agriculture, fisheries, telecommunications, small and medium enterprises and forestry.
“This stimulus translates into billions of kina in increased future economic output, a rise in skill levels and the economic enhancement of our country.
There is no doubt that we all have a lot of work ahead of us, and we cannot rest on the success of previous meetings.
“We must maintain momentum and continue to deliver world-class venues, transportation and accommodation.
“We have a strong team of professionals at the Apec 2018 PNG Coordination Authority.
They carry with them a depth of international experience, and are committed to the tasks at hand.
“As we prepare for the Leaders’ Summit in November, we have received the commitment of leaders that they will attend,” Thatchenko said.

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