ABG Supplementary Budget Outlined

 The ABG’s 2021 supplementary budget includes an allocation of K1.5 million for Bougainville Police Service recruitment and training with a further K500,000 allocated to law and justice support.

The overall budget totals K421.88 million and is the first brought down under the government of Ishmael Toroama. It includes K30 million from internally generated corporate income taxes, a revenue source the ABG is keen to grow in order to support greater levels of financial self-sufficiency.

The government is also actively promoting international investment in Bougainville, and this will be a key focus of the Bougainville Economic and Investment Summit which will be held in Arawa in late November. An amount of K1 million has been allocated to support the staging of the summit.

The ABG’s other current source of internal budget revenue, included dividends of K543,000 from its BSP Capital shares investments. National government grants make up the lion’s share of the overall budget.

The government approved a total of 16 programs under the supplementary budget that will be specifically funded under the additional internal revenue components of the budget. These are programs aimed at supporting Bougainville’s political aspirations.

The budget shows the ABG will set up a major investment portfolio by acquiring K20 million in Treasury Bonds from the Central Bank of Papua New Guinea.

The ABG’s Minister for Treasury and Finance Mathias Salas said the principal amount would remain untouched until the maturity period of 10 years expires. “Based on the current rate of return of 9.4 per cent through this investment portfolio, the ABG will be receiving interest on a bi-annual basis of a net of K799,000 after tax,” he explained.

The budget will also support the establishment of the Bougainville Savings and Loans Society while K1 million will support the ABG’s tuition fee assistance program and K860,000 has been allocated to the community grants program.

The new Bougainville Constitutional and Law Reform Commission will receive K400,000. It has the responsibility of conducting consultations both within and outside Bougainville on the development and drafting of an independence constitution for Bougainville by 2025.

K2.5 million has also been allocated for community government elections and to support ABG by-elections.

ABG Media 

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