23.8 C
Port Moresby
September 23, 2021

Supplementary Budget Passed

A supplementary budget of K928 million was passed on voices this afternoon in Parliament.

Treasury Minister, Patrick Pruaitch, announced that to cater for the supplementary budget, over K649 million was retained from various capital investments, while over K279 million was cut from unissued operational appropriation from various government agencies.

The Minister said the first six months of the year have been tough for many economies and the country has been no different.

He highlighted the global drop in commodity prices being a huge factor in the passing of the supplementary budget.

He said the national government must remain cautious as the pace of recovery in the global economy remains slow and steady.

Parliament was then adjourned to October 25.

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