Business News

PM confident about economy

By Leanne Jorari – EM TV, Sydney


Papua New Guinea Prime Minister Peter O’Neill is confident the country’s economy can ride out the slump in energy exports within the global resource industry. Speaking at the 13th Mining & Petroleum Investment Conference in Sydney, PM O’Neill reaffirmed his government’s priority in bringing “stability” to PNG.

He said PNG would be able to bring national debt back to below 35 percent of GDP – This, despite a recent drop in oil prices.

PM O’Neill has played down the impact of slumping global energy prices in the country – 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 PNG’s 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 country’s debt strategy and political risks.

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