Government eye K15 billion PNG Economy Growth
The Papua New Guinea Government aims to grow revenue to K15 billion in the next few years under the Medium Term Development Plan 3 (MTDP3).
Minister for National Planning and Monitoring Richard Maru told Parliament last week that the MTDP3 was the guiding plan for a five-year period ending in 2022.
He was responding to questions in the parliament from Southern Highlands Governor William Powi regarding the Government’s plans on service delivery.
“The plan aligns with the Vision 2050 and all other plans including the first and second Alotau Accords,” Maru said.
“Last year our total revenue was K8 billion from taxes and K3 billion from customs duties.
“Under the plan we want to grow that revenue up to K15 billion by the time we complete this term of Parliament.
“To do that we have to unlock our potential by attracting foreign investors, by putting down important key enabling infrastructures like the four wharves in Vanimo, Manus, Kikori and Wewak,” Maru said.
He said under the plan the Government would deliver the Pacific Marine Park “so that we process all our fish in PNG compared to 30 per cent of our catch today.”
“I believe our friends from the Chinese Exim Bank will be completing the negotiations for the loan so that we can get started as soon as possible.
“We will be able to make a billion plus by establishing the Pacific Marine Park in Madang. “I’m confident that we have a good plan but our ability to fund that is the issue.
“We have advertised for MPs and Governors to submit tax credit project proposals. This is one way for us to fund some of the critical infrastructure projects that will unlock our potential as a country. “I’m looking forward to submissions of plans before July 27. The tax credit scheme has worked very well in the past,” he said.