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Port Moresby
October 27, 2021
Business News

Kassman: Government Needs to Explain Budget Deficit

The general perception that budget deficit means mismanagementocorruption or poor governance, needs to be re-thought.


This was stated by Country Manager for Talisman Energy, Richard Kassman, during a Budget debate held this morning.

Mr. Kassman said thatthe Government needs to come out and explain its longer term deficit and what it aims to achieve.


He pointed this out whilst making his initial impressions known aboutthe 2014 Budgetoas part of a panel discussion duringthe breakfast.


Mr. Kassman said he had been talking to a whole range of Papua New Guineas sincethe tabling ofthe 2014 Budget last Tuesday, andthe general perception is that people think mismanagement and corruption whenthey hear of a deficit Budget.


Minister Polye’stated thatthere will be a 2014 Budget Deficit of around K2.3 billion or around 5.9 percent of GDP.


The proposed deficit will raisethe Government’s debt to GDP ratio to 35 percent in 2014, consistent withthe Medium Term Fiscal Strategy 2013-2017, andthe Fiscal Responsibility Act 2006.


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