K8m Cut on ABG 2016 Budget

By Fabian Hakalits – EM TV News, Port Moresby

The Autonomous Bougainville Government’s Finance Minister, Albert Punghau, has handed down the 2016 Autonomous Bougainville Government Budget.

The National Government’s current state of the economy has also affected the Autonomous Bougainville Government’s finances.

Finance and Treasury Minister, Albert Punghau, in handing down the 2016 ABG Budget, said the budget has been cut, and is less than K8 million from this year’s allocation.

“Most of this year’s funds were not used and have been forwarded for implementation in 2016,” he said.

Mr Punghau told the Members of the Bougainville House of Representatives, to use funds wisely in this tough time.

Meanwhile on fisheries, royalties on fish caught in the Bougainville Exclusive Economic Zones, will be increased to help sustain the Autonomous Bougainville Government’s revenue.

Primary Industry Departmental Head, Thomas Betitis, says a Memorandum of Understanding will be signed between the Autonomous Bougainville Government and the National Fisheries Authority on the new formula to be used.

The MOU paves way for royalties to be increased, as the ABG has been paid only K5 million annually, on the formula previously used.

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