Investments Aims To Unlock PNG’s Economic Potential
The aggregate Capital Investment Budget for next year is K5980.50 million, an 8 per cent increase (K483.40m), compared with the 2019 appropriation of K5497.1m.
National Planning Minister Sam Basil said in his presentation at the 2020 National Budget Press Lock-Up yesterday that the 2020 Capital Investment Budget comprises Government’s direct financing of K3683.40 million, and development partner support of concessional loan funds of K1365 million and grants of K932.10 million.
“The infrastructure tax credit scheme in 2020 will complement the government Budget to deliver key infrastructure projects to districts and provinces,” he said.
“Let me walk you through the sectoral prioritisations of the programmes for a better understanding of the spread of resources and strengthening the economic sector,” he said.
“The government aims to growing the economy through the economic sector targeted towards agriculture and livestock, forestry, fisheries, tourism, the extractive industry and supporting the micro, small to medium enterprises for the country to create wealth, ensuring greater benefits to Papua New Guineans from mining and petroleum resources, generate revenue and fund its development programs.
“This sector has been accorded K457.5 million which makes up 7.6 per cent of the total Capital Investment Budget.
“The government is investing in programs that promote environmental sustainability, increase the communities’ resilience to climate change, and protecting our natural assets and biodiversity.
“Our efforts to ‘Connect PNG’ through opening up of special economic zones and missing links in strategic locations in the country will unlock the country’s economic potential and create the conducive environment for growth of foreign and local investments.
“This should boost economic growth and improvement to the quality of lives of our people.”
Continue reading at https://postcourier.com.pg/investments-aims-to-unlock-pngs-economic-potential/ | Post Courier