Treasurer, Patrick Pruaitch when delivering his speech today at the 14th Mining conference in Sydney, Australia echoed these sentiments.
He said as interest rates in advanced countries normalised, global economic conditions will also improve and become more predictable.
He added that the 2017 budgets are highly conservative and do not take into account PNG’s increased economic resilience as well as the remaining potential for major new resource projects.
“A number of grassroots agricultural projects are leading to the doubling and tripling of productivity among significant segments of PNG’s coffee and cocoa smallholders.
“New entrants into the palm oil sector will also contribute to increased agricultural production, not fully accounted for in the budget.”
Pruaitch emphasized that following the big drop in crude oil prices, most new oil and gas projects worldwide have dropped off the potential starters list, but not so the US$10 billion P’nyang gas development of ExxonMobil, Oil Search and Santos Ltd.