Solomon Islands Defeat PNG to End FIFA World Cup Campaign

The Papua New Guinea Opposition has criticized the government for its handling of the Mid-Year Economic and Fiscal Outlook (MYEFO), describing it as a failure to leverage high commodity prices to drive economic growth. Deputy Opposition Leader James Nomane expressed his concerns in a statement on Thursday, pointing to a lack of strategic investments in critical sectors.

Nomane highlighted that the MYEFO should have prioritized private sector investments, particularly in agriculture, fishing, and forestry. He argued that these industries hold the potential to address the national youth bulge by creating employment opportunities, improving per capita income, and boosting the country's gross domestic product.

He further criticized the absence of measures to support these sectors, such as investments in law and order, deregulation, and trade. "None of this was forthcoming in this late MYEFO by a clueless Treasurer," Nomane said, referencing Ian Ling-Stuckey's oversight of the report.

The annual MYEFO report, typically released in July, provides an overview of Papua New Guinea’s fiscal and economic standing. However, Nomane accused the report of using deceptive figures to present an unrealistic picture of budget repair and growth while neglecting pressing issues such as the foreign exchange crisis, high living costs, and low employment rates.

"The numbers in the MYEFO are misleading," Nomane remarked. "I fail to see how Ling-Stuckey can claim progress amid the mass business exodus, soaring crime rates, and mounting economic challenges."

The Deputy Opposition Leader also called on the Treasurer to immediately release the Budget Strategy Paper to the public, as required by law, to promote transparency and ensure citizens are informed about the government’s financial plans.

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Solomon Islands Defeat PNG to End FIFA World Cup Campaign