Budget Paves Way For Economic Growth, Says Basil
National Planning Minister Sam Basil said yesterday PNG’s budgetary impact on the implementation of the MTDP III and the 2019 Capital Investment Budget sets a clear growth path for the country.
“The government’s MTDP III sets a clear economic growth path for the country with specific priorities set in critical sectors.
The Capital Investment Program is its annual expenditure plan that guides financing of the MTDP III. “For the effective delivery of the MTDP III, we are required to appropriate on average K5.4 billion annually,” Mr Basil said.
“In the 2019 Capital Investment Budget, K5.49 billion was appropriated. However, the effects of reduction in the 2019 Capital Budget to cater for the Supplementary Budget has reduced the expenditures for the year.
This therefore constrains our capacity to take forward the development priorities of the government along the targets we have planned.
“The impacts of these low appropriations and applied reduc-tions on Capital expenditure will delay the overall implementation of the government’s MTDP III.
“With a clear linkage between policy priorities and the Capital Investment Budget, the security of funding for Capital Expenditure is vital if the government is to ensure continuous growth of the economy against the needs of a growing population, rising inflation and increasing bills.”
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