March 23, 2016

PNG Economy growing, says PM O'Neill

Papua New Guinea Prime Minister Peter O’Neill says the national economy is growing at a rate of 9 per cent annually.
He said this in response to a scathing attack from Opposition Leader Don Polye on the way the Government was handling the economy.
“The outcomes from last year, both from Treasury and the Central Bank, indicated that our economy grew by 9.2 per cent,” O’Neill said.
“That is not struggling. That is an economy performing well. 
“It is an economy that people like the Opposition Leader must have confidence in.” O’Neill said monetary policy was the responsibility of the Central Bank and the Government had no right to give directions.
“As such, they are responsible for managing our foreign exchange reserves, and of course our currency, our interest rates,” he said. O’Neill said exports had been on the decline, including the drop in world oil prices which led to the decline in foreign reserves.
Polye said the Government should be removed because it was abreaking the rules.