• PNG Business News

Govt Plans To Stabilise Economy

Prime Minister James Marape said that in the next year, the government plans to focus on stabilising the economy.

“We are using our own budget to ensure stimulus is maintained in our economy,” he said. “The construction activity is taking place across the country.”

Marape added that he wasn’t the cause of lost jobs.

“Far from the truth. Companies shut down and decide what to do in their investment (decisions),” he said. “Through direct budget interventions, we put more than 10,000 jobs in 2019 and 2020. The Works Department will confirm that our interventions in the construction space are keeping more than 100 companies afloat. Our direct interventions in districts and provinces are keeping small to medium enterprises in the construction business, contributing to about 10,000 people engaged across the country.”

Marape noted that the budget functions as an avenue to keep a level of economic stimulus.

“In 2021, we will be having a different story,” he said. “We are coming back, ensuring that our debt does not go out of proportion. We are using low-cost borrowings, zero per cent interest 1 per cent interest from credible lenders that can have an impact on our budgets. Next year, our strategy is to maintain our budget is funded fully. This will ensure that we are serving our country, education and health are functional that the recurrent grants are running and the country is keeping our heads above the water.”

Marape added that the dialogue on Wafi-Golpu and Porgera “will mature”. This includes Papua LNG.

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