Treasurer, Patrick Pruaitch, has spilled the beans on the true state of the country’s economy.
Minister Pruaitch said Papua New Guinea’s economy has fallen off a cliff under the present Government.
He said while the Government’s total debt sits at K21.6 billion, it is continuing its spending spree while jobs in the formal sector have been falling since 2014.
Minister Pruaitch made the revelations today at the National Alliance Party Induction.
As most of his audience was intending candidates, the NA Parliamentary Leader shared his experiences as the country’s longest serving Treasurer, saying it was an important tool to be equipped with the economic story of the country.
He said managing the economy of the country is the most important role for any government.
He said despite the government’s claims about the high rates of Gross Domestic Product (GDP), the real story behind the numbers is that the management of the economy has faced serious shortcomings. GDP growth has eroded in recent years.
He said even though the Prime Minister told Parliament this week there would be no more borrowing, the Treasurer doubts the Prime Minister will keep his words.
Minister Pruaitch told the intending candidates that if NA is given the mandate in this election, the party will be guided by one over-riding principle.
As a Government, they will adopt a “PEOPLE FIRST” policy.