MP: Firms breaking laws

 THE lack of foreign exchange for companies that need to import goods and services has been one of the constraints facing the PNG economy, Treasurer Patrick Pruaitch says.

Speaking at the launching of country’s Financial Services Sector Review Project, Pruaitch said many companies were breaking PNG laws by not repatriating export revenues that were meant to come back into this country’s economy.

“I would like to urge the Central Bank to look into this as a matter of urgency,” he said. 

Pruaitch said the Treasury Department’s recent leap year’s economy and fiscal report has shown that as a result of PNGLNG project the current economy account surplus was one of largest.

He said in the first half of this year the surplus exceeded K7 billion. 

“The only logical conclusion I can come up with is that many companies are breaking Papua New Guinea laws by not repatriating export revenues that are meant to come back into this country’s economy. For many years we have been talking about develop a secondary market for public debt. I hope the financial sector can seek ways to expedite this process.”