Sir Julius has faith PNG’s economy will recoover

NEW Ireland Governor Sir Julius Chan says the country will recover from the current downturn in the economy.
He attended a function on Tuesday which saw the formal handing over of the mining ministry from his son and former minister Byron Chan to the new minister Johnson Tuke.
Sir Julius said the government would ensure that the economy stabilised.
“The stability of any government is really in the transition of power from one government to another,” he said.
“The mining industry is probably the wealth of this country – at this particular time, at the economic restructuring of this country to get us back to where it should be.
“We are all humans and sometimes in the verge of enthusiasm, we often make some strong decisions.
“I think our country is going through this exciting period. I hope our business community will take a more positive look at what these young people are doing.”
He said he had something to with introduction of the kina and toea in 1975.
“I can say we have survived,” he said.
“Most of the people said the kina will never buy anything from offshore. But here we are 42 years later and we are still using the kina.”