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Marape Admits 20% Slump In Economy

Prime Minister James Marape admitted yesterday that PNG’s revenue has taken a dive with the Covid-19 pandemic affecting the nation’s budget by 20 per cent.

Mr Marape also said the government will tailor a supplementary budget in the third quarter of this year, despite a big drop in revenue.

He addressed the nation’s economy in light of the Covid-19 pandemic during a radio talk back show in Port Moresby yesterday.

Mr Marape addressed the nation’s economy in general, Covid-19, gender based violence and law and order.

He said within this month, if they finalise the partnership agreements with Bank South Pacific, National Development Bank and Kina Bank, they will roll out the K200 million that will help all SMEs through the districts.

“Covid-19 has really affected PNG’s budget by 20 per cent, and we are trying our best to maintain the government’s intervention into our own economy and budget, maintain the stimulus and we will use our government budget,” Mr Marape said.

Source: https://postcourier.com.pg/marape-admits-20-slump-in-economy/

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