Ling-Stuckey: Govt has no plans to print money in country

TREASURER Ian Ling-Stuckey has told Parliament that the Government has no plans to print money in the country.
He was responding to questions by North Fly MP James Donald in Parliament yesterday.
“There’s been a lot of discussions lately in relation to printing money,” he said.
“When we talk about printing money, with the financing plan of this Government, we are on target.
“During extraordinary times governments must adopt extraordinary solutions. The government reviewed how we were dealing with our temporary access facility account (TAF) when we look at practices around the world where ceilings are set at 5 to 15 per cent.
“With this Government, we are looking at our TAF account before we start to adopt or consider printing money,” he said.
Ling-Stuckey said the limit for TAF account was currently K300 million.
“It’s important to know that with the financing plan of this Government, we started off the year with a deficit of K4.63 billion,” he said.
“Our financial plan is on target at this time based on information before the government.”
Ling-Stuckey said there was one produce the Asian Development Bank partial credit guarantee loan facility of K300mil that had been pushed back to next year but there were negotiations to have it replaced with another facility of K250mil.