Business News

Turnbull says little on Struggling PNG Economy

Australian Prime Minister, Malcolm Turnbull, refused to comment about the current state of the Papua New Guinean economy.

Moments before departing the country, and after a Business breakfast, Turnbull was asked about the cash flow problem in Papua New Guinea.

Turnbull met with PNG media after breakfast, and when asked about the cash flow problem in PNG:

“The Management of Public finances of PNG is a matter for the PNG Government,” says Turnbull.

The Australian Government donates $500 million dollars of taxpayers’ money into PNG.

$ 5.8 billion dollars is invested in various sectors in the PNG economy.

But, Australian Businesses operating in PNG are struggling to pay for bills overseas, because of the lack of foreign currency.

On April 1, Papua New Guinea’s Treasurer, Patrick Pruaitch, said the economy had fallen off the cliff, placing the blame solely on the current leadership.

But, the PNG government led by PNC continues to maintain that the economy is doing well.

“But, despite those challenges. Let me put it again, the Papua New Guinea economy continues to grow above global standards,” said PNG Prime Minister, Peter O’Neill.

The Australian Prime Minister has alluded that the elections are going to be very tough for the incumbent government.

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