Work together, Yala tells sectors

 THE public and private sectors must work together to achieve the development aspirations of the country, according to National Research Institute director Dr Charles Yala.

Yala addressed the Deloitte Budget 2016 breakfast panel commentary yesterday. 

He said the private sector was the goose that lay the golden egg and must be nurtured for the good of the economy.

He said public facilities such as roads, bridges and other infrastructure must be able to accommodate developments in the private sector. 

“The construction phase of the Papua New Guinea LNG project demonstrated what large projects can do to stimulate and expand the economic base of a nation and leave lasting impacts in the economy and its people,” he said. 

“My contention however is that, we failed to coordinate and harness this opportunity to set the foundation for sustained broad-based economic growth and development.

“These machines and labour cannot remain idle. 

“Rusting capital equipment is a cost directly to the business and indirectly to the economy.

“Unemployed labour has direct implications for families and the national economy. 

“Hence, it is critical to mobilise these idle machinery to keep the private sector, especially the construction sector, operational. 

“Otherwise, these companies will be made insolvent.

“Likewise, the need to keep people in their jobs is critical. 

“Unemployment often leads people into poverty.

“Hence, it is critical to mobilise these idle machinery to keep the private sector operational.”