Posted By Staff Reporter
![]() Papua New Guinea Prime Minister James Marape yesterday gave a report of his government’s performance over the last 12 months in office. Speaking in a media conference , Marape says his government lifted the GDP growth rate from a recession minus 0.8% in 2018 to 5% in 2019. He claims his government is using good budget approach to lift our economic recession however COVID-19 has held back their efforts “But our economy will prevail as it is robust” Marape promised. He says the government’s focus is also on non- resource growth rates which is endorsed by the International Monetary Fund (IMF) and will deliver domestic growth rate from 2.9% in 2020 and to 4.6% by 2024. PM says that government has also ensured that the share of the national budget increased from K4, 715 million in 2019 to K6, 281 million in 2020. He adds that this major structural change in the budget will continue. Prime Minister Marape also the government has sought in the first12 months to repair the budget process, driver agricultural growth, generate job creation, provide a bed rockf or MSMEs to grow, drive reforms in State Own Enterprises to increase contributions to the GDP growth and private sector expansion and grow exports. “The focus he says is inclusive job growth, move to honest budgeting, move in investment and away from operating budgets ( Public service, salaries, goods and services), move to good and cheap international financing and balanced out urban biased development of the past” he added Marape says SOE reforms is to reduce the cost of doing business in PNG ( for example reliable power and cheap data) in line with the Marape – Steven Government s growing and diversifying the economic policy focus. “Establishments of pipeline projects identified and solicited by the Marape – Steven government and that align to the connect PNG policy including economic corridors and special economic zone” he says. Marape further says his government has commenced the review of large scale projects to ensure appropriated process was followed in their implementation and business case forecast is in line with the MARAPE Steven government stance in getting “value for money” Pynang, Pasca, Wafi Gold, and Pogera are some of the projects being advanced. Next : MP Pledges K1 Million For Women Involved In SMEs Comments are closed.
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