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Resources Key To Ailing Economy

Papua New Guinea has many serious resources to better its economy despite a debt level that has affected its financial system, Deputy Prime Minister and Foreign Minister for New Zealand Winston Peters said.

Mr Peters, who visited PNG for two days was asked in Port Moresby by reporters if he had any advice to PNG on its ailing economy. He said PNG is like every other country in the world who is going through economic tough times, but there were measures in place and that PNG has everything to counter it’s falling economy.

Mr Peters said PNG was very fortunate to have all the resources that a country needs to better its economy, singling out the smallest but most vital – water everywhere –that is vital and never runs dry to name a few.

He said that things were not dull for PNG, but still bright for this rich country. “If you look at the world economy and its circumstances, the world is going through economic tough times, and there is a wide range of issues alluding to this and that there will be an economic slowdown so to speak…,” Mr Peters said.

“PNG has got some serious resources, many serious resources, look at water, that never runs short and if you look at the developing projects, while PNG has a debt level that has affected its economy, the upside is that things are still bright for PNG, you got a topographic recognition in that development,” Peters told the reporters.

“I mean I can’t tell your finance minister what to do, it’s a hard enough job for me not telling my minister what to do but in the end, wise injection into future infrastructure here in PNG will pay huge amount of dividend for PNG in the future.”

Mr Peters was in Port Moresby last week to meet with Prime Minister James Marape, Deputy PM Steven Davies, ABG President John Momis and other leaders.

Continue reading at https://postcourier.com.pg/resources-key-to-ailing-economy/ | Post Courier

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