Category Archives: Finance

Cost of rice will not increase: Trukai

Source: Loop PNG

 

PNG’s leading rice supplier, Trukai Industries, says it will not increase the cost of rice in the country.

 

Trukai Industries CEO, Greg Worthington-Eyre, said while Trukai understands and is deeply concerned over the current economic conditions in PNG, and the pending inflationary impact of fuel price increases, currency devaluation and reduced consumer spending power, it has no plans at this point of passing on the impact of these issues to PNG consumers.

 

Worthington-Eyre says Trukai’s focus on food security, which includes affordability and quality, is at the forefront and they will be making every effort to support the people of PNG.

 

Trukai is the oldest and largest rice distribution and manufacturer in PNG, having been established in February 17th, 1970.

 

Apart from rice, they also supply stockfeed.

Author: Charmaine Poriambep

Central Provincial Assembly Pass 2018 Budget

04:00pm


Source: Post-Courier Online 

 

BY LYNETTE KIL 

The Central province has handed down its 2018 budget of K206, 032,424 last Thursday with reduction in the Expenditure Budget.

 

The expenditure budget will see most cuts in the service area and that includes

 

The administration Function grant will decrease to K1, 544,200 from K1, 914,200 in 2017

 

Other service delivery Function Grant will decrease to K2, 347,800 from K3, 098,300 in 2017

 

Health Function Grant will decrease to K5, 407,300 from K5, 882,800 in 2017

PM Responds To Police Budget Cuts

 


Budget cuts to priority sectors should not be taken literal as perceived by the numbers presented in the National Budget.

 

Prime Minister Peter O’Neill was responding to questions raised on the cut of the budget for police in particular with law and order issues pressing for the country.

 

Police budget in some areas were cut, but you know that both district and provinces Services Improvement Programs, law and order has got 20% of the Budget he said.

 

“The funding is still there but it has been prioritized to the other areas of the law and order sectors,” said O’Neill.

Source: Post-Courier

Pom Gen to receive K100 million

THE Port Moresby General Hospital will receive K100 million of the K1.5 billion health sector allocation in the 2018 national budget, Health and HIV/AIDS Minister Sir Puka Temu says.
Sir Puka said they had been allocated 100 per cent funding but the challenge was how to implement the budget.
“I’ve been in this hospital most of my life and I’ve seen transformation under the new board. The highest institution in healthcare is the hospital,” he said.
“This is to bring the private sector skill, experience and acumen into the public sector. The things they lack are because of the Budget issues.
“I was health secretary before and I would beg the government to fund our health plan below 60 per cent. It’s now 100 per cent funding.”
Sir Puka said the key word was partnership and he urged the communities to help the management of the hospitals by doing their part.
“Don’t throw rubbish everywhere. Listen to security guards,” he said.
“Visit patients on time with one guardian. Doctor-patient relationship must be improved. Prescription practices must be good and patients must complete their doses to avoid drug resistance.”

Source: The National

Maru Confident Budget Will Sustain Economic Growth

Source: Post – Courier

 

BY GORETHY KENNETH

National Planning Minister Richard Maru is more than convinced that the 2018 Budget will enhance the preconditions for sustainable economic growth in the short to medium term.

Mr Maru said that for the first time in many years, the Government has increased the economic sector funding from 6 percent in 2017 to 15 percent in the 2018.

He said this confirmed to the Alotau Accord 2 to make economic growth the number one priority.

He said the aggregate 2018 Capital Investment Budget is K4,643.92 million. This shows an increase of 15.7 percent compared to the 2017 original budget appropriation. He said the Budget was strategically focused to invest in enhancing the preconditions for economic growth and prosperity, which will build on the remaining few years of O’Neill Government.

“This Government will mobilise necessary resources within the tight fiscal envelope to provide growth conditions to set the pace for future growth and development. The 2018 Capital investment Budget consolidate key interventions that will encourage business activities, generate employment, increase both export and tax revenues, replace import, and broaden and diversify our economic base strengthening renewable sectors and manufacturing.

“The commodity price fluctuations in the global market have had an adverse effect in our economy in the last three years and in my view we as Government have done very little in addressing the declining trend. If the global commodity price remains suppressed over the medium term with no new projects in the mining and petroleum sectors coming on stream over the same period, our country will continue to face fiscal constraints, prolonged current foreign exchange problems, which will affect the Government’s ability to effectively deliver public goods and services to our people.

“The 2018 National Budget provides the appropriate response of this Government to the current domestic and global economic challenges, focusing on the new measures to stimulate the broad-based economic growth while maintaining fiscal and macroeconomic stability.

“To arrest the declining trend in economic growth, some deliberate attempts were made by this Government particularly to ease the current cash-flow problem with the 100 Day Plan and also the proposed Bill on the Public Money Management arrangement. While these revenue raising measures are important, this Government is looking at sustainable growth measures.”

 

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K14 Billion For 2018

 

This Government will mobilise necessary resources within the tight fiscal envelope to provide growth conditions to set the pace for future growth and development.

The 2018 Capital investment Budget consolidate key interventions that will encourage business activities, generate employment, increase both export and tax revenues, replace import, and broaden and diversify our economic base strengthening renewable sectors and manufacturing.

A total deficit figure of K1987.2 million has also been factored in, which will be financed through external sources comprising K1613.4 million and K375.8 million from domestic sources.

The financing requirement for 2018 will result in total government debt reaching K25,807.6 million by the end of 2018, equivalent to 32.2 percent of GDP.

There are no new surprises in the 2018 Budget as the government introduces taxation measures aimed at improving revenue collection through greater compliance, broadening the tax base more equitably and efficiently and making tax administration simpler and more effective.

Mr Abel, in handing the 2018 Budget in Parliament, themed “Review our priorities, refocus our energies and reinforce our strengths”, said the government will maintain key priority expenditures in education, health, infrastructure, law and order, agriculture, tourism and small and medium enterprises.

The government has restored the DSIP, PSIP and WSIP in 2018 with K10 million to each district totalling K880 million and provinces to receive K10 million each totalling K220 million and ward SIPs get K64.4 million.

It has also allocated K300 million for administrative and logistics preparation for the APEC meeting next year.

The budget for the first time has given a big boost with the introduction of an economic stimulus package that will cost K665.9 million to grow the economy through agriculture, tourism and SMEs.

Mr Abel said the government is committed to delivering the Alotau Accord 2, as started in the 100-Day Plan, and the 2018 Budget is the second component that should spur economic growth, generate jobs, and empower people through meaningful engagement in economic activities to better themselves.

“The government will continue to invest in key national infrastructure programs in 2018, particularly the Highlands Highway, coastal jetties, the missing link road program, hydro and gas power generation stations and the international submarine cable project,” he said.

He said these are important transformational projects that will reduce costs in doing business, improve market access for rural farmers, and improve and lower cost of communications for businesses and consumers.

“The 2018 Budget will shift focus to generating jobs and business opportunities for our people in agriculture, tourism and SMEs. And it will provide the platform to showcase the best of PNG to the world at the upcoming APEC Summit,” Mr Abel said.

NO CUTS TO CORE NATIONAL PRIORITIES, SAYS PM

28 November 2017

Source: Post-Courier

Prime Minister Peter O’Neill said the 2018 National Budget is based on common sense and restraint, and builds on the proactive manner in which the Government has managed the recent global economic pressures.

 

“When we formed the Government in Alotau, we promised to deliver stable and sensible administration, and you can see that commitment evident in this budget,” the Prime Minister said ahead of the tabling of the budget by the Treasurer in Parliament this week.

 

“In this budget, there will be no cuts to our core national priorities, particularly education and healthcare.

 

“We will deliver a productive and safe APEC summit in 2018 through modest expenditure that builds capacity and leaves the legacy in our Government agencies.

 

“Our Government will also continue to build more efficient public services that are increasingly capable while being less expensive to operate. I am looking forward to sensible debate about the budget that is based on fact and not misinformation.”

 

Mr O’Neill said while pressure on the economy from global factors is easing, the Government will continue to ensure fiscal discipline is maintained.

 

“There is no doubt that we are seeing improvements in the global economy, and this is reflected in positive indicators in our own economy.

 

“Commodity prices are returning to healthier levels but there is still a long way to go before we can relax.

 

“When global conditions were at their lowest, our Government managed the challenges we faced and this has placed us in a stronger position today. We continued to maintain positive economic growth through a program of reducing spending, managing expenses and rescheduling some infrastructure construction,” the PM said.

 

“It is because of our responsible approach that we can deliver the budget that will be presented to the Parliament this week.

 

“The Treasurer, working with all Cabinet members, and Treasury officials, has developed a very responsible budget that takes account of current global challenges.

 

“I congratulate our Treasurer and Deputy Prime Minister, Charles Abel, and look forward to the delivery of his first budget speech on Tuesday.”

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