K600mil goes to health, economy

The National Executive Council has allocated K600mil out of the K5.7 billion coronavirus economic stimulus package for the health, security and economic sectors.
Treasurer Ian Ling-Stuckey said K280 million of the K600 million would go to health, security services, customs and foreign affairs and trade.
He said K320mil would be spent on supporting the economic sector, agriculture, families and businesses.
“This spending is carefully targeted to have the biggest impact possible across all geographic regions and economic sectors, and builds on initiatives that we have already taken,” he said.
“This will not be a Port Moresby-centred big businesses response. The needs are across our country including our households, farmers and Micro Small to Medium Enterprises.
He said funding for the first bond issuance would meet the first tranche of Covid-19 direct funding backed by key parts of the 2020 development budget.
“This will include K100 million of the K200 million allocated in the 2020 budget for MSMEs.
“We now have the funding to accelerate innovative forward-looking measures to help contain the spread of the virus and to provide relief to all sections of society from the financial and economic problems we are suffering.”