30.7 C
Port Moresby
June 26, 2022
Business News Politics

Govt: Supplementary Budget Expected In October

The Marape-Steven Government is expected to introduce a supplementary budget when Parliament reconvenes next month.

The supplementary Budget expected to be presented by Treasurer, Ian Ling Stuckey, is being put together after the Treasurer reviews current figures of National Debt, Revenue collecting, Expenditure and the country’s Gross Domestic Growth.

The supplementary Budget expected to be presented by Treasurer, Ian Ling Stuckey

Prime Minister James Marape says the supplementary budget was expected to be presented in the last sitting, but due to the appointment of Ling Stuckey, it had been moved to October.

The October session of Parliament will hand down 2019 supplementary budget

“That is why in . Since assuming Government we have always said that there will be a need to review core economic assumptions based on revenue and expenditure.”

Prime Minister Marape said 2019 has been a challenging year.

“Fluctuating commodity prices and the continued impact from natural disasters have hit our bottom line. This will require that we re-adjust,”

“Our continued core focus must be on the critical sectors of health, education, law and order and infrastructure… Both the supplementary budget, and the upcoming 2020 budget will reflect this.

The Prime Minister says the Treasurer needs to outline clearly in the supplementary budget key figures to allow the Marape-Steven Government to budget for 2020.

“The 2020 budget will require fiscal discipline, and must be focused on harnessing economic opportunity, eliminating unnecessary waste, and re-investing in critical services.”

“Whilst this will mean making some difficult decisions around expenditure, I want to assure the people of PNG that we will do everything within our means to ensure that this does not affect the delivery of essential services.”

Meanwhile, the Prime Minister has reassured the public this supplementary budget will not hide any figures and will be presented to restore public and businesses confidence in the economy.

Adelaide Sirox Kari – EMTV News, Port Moresby

Related posts

Businessman Assists Community with Charity Bus Shuttle

Jack Lapauve Jnr.

PNGRFU To Attend Development Workshop In Auckland

EMTV Online

Prime Minister Pays Respects to Late Bougainville MP

Fabian Hakalits
error: Content is protected !!