By Leanne Jorari โ EM TV, Sydney
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Papua New Guinea Prime Minister Peter OโNeill is confident the countryโs economy can ride out the slump in energy exports within the global resource industry.ย Speaking at the 13th Mining & Petroleum Investment Conference in Sydney, PM OโNeill reaffirmed his governmentโs priority in bringing โstabilityโ to PNG.
He said PNG would be able to bring national debt back to below 35 percent of GDP โ This, despite a recent drop in oil prices.
PM OโNeill has played down the impact of slumping global energy prices in the country โ focusing instead on the impending energy boom fueled by LNG exports to Asia next year.
On the back of these exports, the PM forecasts a 20% growth in PNGโs GDP.
Furthermore, the PM also assured those present that his government was still considering a sovereign bond to debut next year on international debt markets and talking to credit agencies to better explain the countryโs debt strategy and political risks.
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