The National, Monday October 21st, 2013
THE Government will overcome the budget deficit and it is not a cause for concern, Treasurer Don Polye says.
Polye said that after arriving in Port Moresby from the United States of America where he took up his new position as chairman of the World Bank and International Monetary Fund in Washington.
He said he had warned of just such a situation in an earlier report.
“I did mention in the mid-year economic and fiscal outlook report that there would be a deficit of K70 million to K80 million or so,” Polye said.
“The good thing is that, in the revenue sector, like company tax and other revenue sources, income has been very, very strong compared to proceeds from the mining sector.
“It’s somewhat balanced out so what you see will be a manageable deficit by the end of this year.”