PNGs Economic Growth

by Eric Haurupma – EM TV, Port Moresby

Treasury Department Secretary, Dairi Vele announced today at the Leadership Summit that the state of PNG’s economy looks stable.

He said the incoming proceeds from oil and gas exports are generating more revenue to boost the economy.

“More funding will be allocated to upgrade health, education, and infrastructure development to provide tangible services to Papua New Guinea’s.”

Mr Vele says the proceeds from oil and gas export returns have increased PNG’s economy by 14 billion.

He added that declining oil prices are the only disadvantage to the economy.

However, with promising oil prices and LNG exports returns, PNG is expected to see major developmen’s. Developmen’s underway include the Lae tidal basin project, the reconstruction of the Highlands Highway and the upcoming Pacific Games.

Meanwhile, the government will continue to supply services in districts and provinces through provincial support funds and the District Support Improvement (DSIP) funds.

Prime Minister Peter O’Neill says the government has spent close to K3 billion over the last two years and this year, they will be spending another K1.6 billion, with an additional K180 million since 2014.

Although the country’s economy depends heavily on the oil and gas export returns, agriculture will sustain the economy of this country in the long run.

Eric Haurupma is a UPNG Journalism student.

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