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May 28, 2022
Featured News Papua New Guinea

Stimulus Package Questioned in Parliament

Parliament began with questions without notice.

Standing swiftly in line to ask his series of questions directed at Treasurer, Ian Ling- Stucky was member for Ijivitari, Richard Masere.

He question the proposed economic stimulus package put forward by the Marape- Steven Government.

It as an alternative incentive to assist businesses during the COVID- 19 State of Emergency by applying measures for businesses to continue to function.

The concerns raised in parliament today by the member for Ijivitari, Richard Masere did not go unnoticed during the two months lockdown; despite the decision of a preventative approach in mitigating the risk of importing the virus; has also seen to have had a downturn effect on many businesses especially those locally-owned in the country.

The member for Ijivitari merely pointing out these facts and what the stimulus package was supposedly required for.

Additionally enquiring about the agreed 2 percent interest reduction rates that was highlighted in the economic stimulus package and was supposed to be exercised by commercial banks during the SoE; the approval of the release of superannuation funds for citizens whose jobs were affected and the possibility for an income tax holiday.

To which Treasurer, Ian Ling- Stucky responded that his department would have to look into the concerns regarding the commercial banks further stating that the government has no oversight to determine the interest reduction rates for commercial banks and to date has received no reports.

Ling- Stucky went on to state that a tax holiday would affect the country’s revenue position; that it would only be looked at closely to be used as a last resort to alternatives to assist businesses.

Advising the floor that a detailed report outlining the concerns raised by the member for Ijivitari today would be presented and tabled in tomorrow’s parliament session.

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