Papua New Guinea Prime Minister Marape on Economy in Light of COVID-19
The effect of Coronavirus or COVID19 on the global economy will affect the country’s revenue.
Papua New Guinea Prime Minister James Marape in an interview with NBC News yesterday admits the sign is showing with the economy slowing down as a result of the global epidemic of coronavirus.
The National Government is expected to make clear its fiscal strategies on keeping the local economy up-float in the coming weeks. Prime Minister James Marape admits the country’s economy will feel the shock of coronavirus, which is affecting the economies of many of its international trading partners. He further hinted that the National Government will soon make public a rescue package to support the local economy. The Prime Minister further revealed to NBC News, cash revenue from a major export which supports the country’s cash income will be the hardest hit. Prime Minister James Marape said the exact monetary loss to the economy as an effect of coronavirus, will be known in a month's time. Despite the current economic condition of the country, the National Government will stick to the 2020 National Budget. Prime Minister James Marape said there is no need for a supplementary budget, as yet.