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Mini-budget likely for PNG

The caretaker Papua New Guinea government will likely table a supplementary budget next month to address issues highlighted in the Mid-Year Economic Fiscal Outlook report.

Treasury Minister and Deputy Prime Minister Charles Abel said a supplementary budget would help the government continue to manage the economy responsibly.

The annual mid-year report reviews the financial situation and state of the economy over the first six months of the year.

It serves to advise the government on areas it needs to make adjustments on to stick to its monetary plan for the year.

Abel said: “It is likely that we will require a supplementary budget.

“We’ll have to fit it in before the November session (when next year’s budget is tabled) — most likely in September.”

He will disclose the details this week, plus a 100-day plan to strengthen the economy and to help generate income for the people.

“We want to continue to meet some of the targets as projected in our budget and to manage the economy responsibly and live within our means.

“There are a number of significant things that we can undertake to continue to grow our revenue stream and to continue to make sure that we manage our expenditure responsibly.”

He assured businesses and the people that the government would sustain its important programmes.

Abel said one of the key pillars in the Alotau Accord II was to help the people participate more in the economy.

Abel was appointed in an eight-member interim Cabinet last week by Prime Minister Peter O’Neill to be in charge of five portfolios – treasury, forestry, civil aviation, sports and APEC, plus lands and physical planning.

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