Treasurer optimistic of reforms

The National Main Stories

TREASURER Ian Ling-Stuckey says PNG needs to stay on course with the economic reform team in looking for a more diversified and fairer economy.
In response to comments about the current economic situation being blamed on the Government, the Treasurer said it was the most challenging times in the nation’s economy. “I understand that families and businesses are doing it tough and we are working hard with international support and our own strengths to make things better,” he said.
“In these most difficult of times, we need a steady hand on the wheel.
“Don’t blame the captain for the economic storm that the James Marape-led Government inherited that is hurting every country around the world,” he said.
Ling-Stuckey said the nominal growth forecast by Treasury and the International Monitory Fund was expected to exceed 10 per cent in both 2021 and 2022 on average, gains of K1,000 for every person in PNG. “Even on traditional measures such as gross domestic product, the resource sector has averaged less than 20 per cent of our economy and an even smaller share on other measures such as national income.
“It accounts for less than 2 per cent of total employment according to our last national census.
“The temporary closure of Porgera to get a better deal has had an impact of less than 1.5 per cent on our economy.
“Vanimo doesn’t really believe in agriculture or small to medium enterprise or our informal market merchants, or the potential of tourism or labour mobility schemes,” he claimed.

8 comments

  • Marape is on the right path. He just needs a better team, starting with his officials who mistreated the old man servicing court papers and the journalists. Marape surround yourself with the best, you get the best. PM Oneil had the best team including you, that’s why he looked like star.

  • The Treasure is totally out of touch with reality.
    Let’s have some debate from the opposition on your 2021 budget.
    To have the new budget passed in such an underhanded way will never be accepted by the public or the people of PNG.
    What a deceitfully act.
    No Confidence in this Government…

  • Economic crisis is global and we cannot blame government of the day or any individual person for the down fall, yes we are human beings and we do at times make mistakes, mistakes can be deliberate, accidental or unconsciously. We can not dwell on blaming but lets support the current government with innovative that can drive our economy through the thick and thin turbulence’s. Lets stand on JFK qoute; “not what the country can do for us but what we can do for our country”…lets help the treasurer and pmjm. Its only a year away before the next election comes…

  • COVID 19 has not hit PNG hard, we are immune, that is an advantage where PNG should be riding out and involved in full economic activities rather than barricading economic activities. COVID is not a problem for PNG, its the leaders putting COVID as shield for the failures, miss and under management that caused snail growth in our economy. PNG doesn’t relay much on trade as our net on trade is import, our oil, gold and gas were still traded. Now we should be fully operating without restriction in this country. Borrowing to fund budget for this nation is out of sense, and no funding for enablers is also a problem for SMEs and MSMEs in the rural areas.

  • Rightfully stated. Covid19 had devastating effects on our economy. Blaming PMJM for the current state of affairs is unfair. Treasurer is optimistic that our economy will pick up as he sees small pockets of growth especially the economic sector.

  • Let’s stop blaming the Govt.We are part of the global village and will feel the effect of the global economic crisis. We have accumulated problems over many years of mismanagent by successive Governments.
    You are all suppose to work together to bail the country out of its economic problem and not fight amongst yourselves. The opposition is equally responsible for PNG.

  • The Budget was not debated on and passed in haste. The Treasurer has been living in the past and continues to blame the past governments. Bullshit enough of the blame and tell us how you can make things better for us next year onwards. Tell us how you intend to fill in the Revenue loss incurred as a result of Porgera’s closure, tell us that you will stop borrowing from overseas loan sharks, tell us how you will decrease the high income tax imposed on the poor workers. Tell us something good you and your government will do rather than blaming the poor state of economy on past governments. By doing so you are indirectly implicating your Prime MInister who was part and parcel of past governments.

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