Business News

2014 Budget Focuses on Key Growth Areas

The focus ofthe 2014 budget will be on key growth areas fromthe 2013 budget that will have a strong influence onthe country’s economy. 

Four provinces have been identiflied as key participants tPNG’s economic growth overthe next four years.

Port Moresby was identiflied asthe Commercial Hub and it will receive K282 million inthe 2014 budget.

Lae,theIndustrial Hub will get K437 million; Mount HagenPNG’s Agriculture capital will get K61 million; while Kokopo will get K58 million in 2014 for its transformation into a tourism hotspot.

The budget allocation tothese four provinces will cost nearly a billion kina and will come from donor grants and overseas concessional loans.  

Most ofthe budgeted funding will go towards improving infrastructure standards inthe four provinces withthe aim of encouraging business activities and investments.

The government is also intending to maintainthe country’s micro economy by involving ordinary people in business activities through small and medium enterprise.

The Economic and Agriculture Sector will get nearly K800 million, and about K302 million will be allocated for SME’s alone.

Forthe men who spearheadedthe budget,the K15 billion Budget is no ordinary figure. If used wisely, Papua New Guineawill see significant developments in its economy inthe next four years.

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