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Port Moresby
August 10, 2020
News

World Market Impacts

The prevailing world market condition has an impact on Papua New Guinea’s ability to generate more revenue.

Secretary for Treasury Dairi Vele revealed this at the second Leaders’ Summit in Port Moresby.

 

Mr Vele said revenue generating bodies like Internal Revenue Commission and Customs (IRCC) try very hard but the unstable global market has made it difficult to collect more money as they had anticipated.

 

Last year a shortfall of K450 million was recorded from what was expected to be achieved.

 

In the 2013 expenditure, only K11 billion of the K13 billion was spent. 

 

Mr Vele said this year; money will be diverted straight to the provincial and local level government’s, to boost economic growth.

 

Over the years, he said millions of kina was spent on key infrastructure and development projects.

 

However lack of proper implementation, monitoring and evaluation was a key problem identified within the department.

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