PNG Government told to invest ‘big’ to grow economy

Papua New Guinea National Planning and Monitoring Minister Richard Maru said the PNG’s revenue has outturn averaging at K9 billion while expenditure has been around K13 to K15 billion annually.
Mr Maru said this has been the result of finance deficit in the last five years.
“I am more convinced that this government needs to invest significantly in economic growth to meet the finance deficit demand that is being now put on the government,” he said.
He said the financing gaps have been filled through debt financing.
“While this scenario is imminent, deliberate measures must be taken to address this issue,” he said.
Mr Maru in his address at the poultry bio-security forum in Lae, said the government is focused on target economic growth through revenue generation, increased exports and reduced imports to meet this demand.
“While the key focus will be on economic growth, there are number of critical issues that need to be addressed and one of them is the bio security issue,” he said.
He said there are plans to develop the agriculture sector to increase exports in cocoa, coffee, coconut and sugarcane; but the risk to bio security must also be addresssed.
“The recent outbreak of diseases in various agriculture commodities is now a serious cause for concern”, he said.
Mr Maru said if PNG is to grow its economy on agriculture, then a strong and effective bio security measures are needed.
He had led a delegation to New Zealand to study and mirror New Zealand experiences to PNG.
“We have lot to learn from New Zealand, for it is a country that has a very strong bio security legislation, standards, systems, process and protocols all based on standards that set by world organizations such as the World Animal Health Organisation and others, because of that New Zealand is able to export many of its products outside the country,” he said.
He said New Zealand is a country with a best practice of bio security in the world based on science, and it was important that PNG, a country that relys heavily on agriculture and strong focus on the sector has to increase collaboration with New Zealand. Post Courier