![]() PNG Prime Minister James Marape has revealed Economic Independence as his government’s number one priority going forward. “Economic independence is my government’s first and foremost priority born of Pangu Party’s dogma of complimenting the political independence Pangu Party led PNG into in 1975,” said Marape. Mr Marape spoke of his government’s vision for PNG when delivering his address to the nation at the flag raising ceremony at the Independence Hill in Port Moresby this morning to mark PNG’s 44th Independence Anniversary. The PM said he wants to ensure that PNG not only celebrate political independence during September 16s but full economic independence as well. Marape pointed out a number of economic opportunities that PNG has including tropical fisheries and marine resources, agricultural resources, mineral and petroleum resources and a talented Human Resources. All of these, he said, gives PNG the opportunities to do well. Recently released reports indicate that Papua New Guinea earns 128.8 million US dollars or over four hundred million kina annually in license fees from tuna alone.
Pacific Islands News Agency (PINA) President and National Broadcasting Corporation Managing Director Kora Nou when addressing a media workshop on fisheries today in Port Moresby says this represents four point nine percent of the Government's revenue. PNG PRIME Minister James Marape says that his Government will focus on investing on infrastructure that will bring economic returns to the country.
Responding to questions from Unggai-Bena MP Benny Allan on the status of the Korefegu Agriculture Industrial Park in Eastern Highlands in Parliament last Thursday, Marape said the project in Eastern and Western Highlands under the previous government would continue to have the full support of his Government. “The park is something that we will not abandon,” the prime minister said. “It is a programme that our Government will continue and I thank the provincial government and the previous government for initiating the project.” ![]() Newly appointed Papua New Guinea Treasurer Ian Ling-Stuckey has wasted no time settling in with a pledge to put in major changes to the budget and economic policies. Straight after his swearing in at Government House Ling-Stuckey said the Prime Minister James Marape had accurately stated on taking office that the economy has been “struggling and bleeding”. As such he said he now realised the weight of his responsibilities as bestowed on him by the Prime Minister which he would diligently execute. ![]() The Morrison government is set to extend a short-term loan to help Papua New Guinea refinance its debt, as the Pacific neighbour threatens to go to China or elsewhere for assistance. A delegation of six ministers, including Finance Minister Mathias Cormann and Foreign Minister Marise Payne, visited Port Moresby on Monday for talks, less than a week after PNG said publicly it wanted $1.5 billion(US$1 billion) from Australia. It is understood PNG Prime Minister James Marape has walked back that number to about $300 million (US$203 million). A senior government source said that while normally such countries would go to the World Bank or IMF looking for loan assistance, there was “a time issue'” involved, meaning PNG was in a hurry and would go to another country for the money. ![]() Economic indicators available to the Bank of Papua New Guinea show that economic activity improved in the March quarter of 2019. The improvement was mainly driven by higher production and export of LNG and condensate, and other mineral export commodities as well as some of the non-mineral exports. The statement said Increase in private sector employment and credit, and higher Government expenditure are all indicative of increased economic activity. |
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