Deputy Prime Minister and Treasurer, Charles Abel has launched the 25 Point 100 Day Economic Stimulus Plan today in Port Moresby.
The plan will basically try to get revenue into the Government coffers before a 2018 Budget proper is announced.
Treasurer Abel said the 100-day plan has the primary goals of demonstrating government pro-activity in ensuring sound macroeconomic and fiscal management, restoring confidence, generating investments and moving towards greater economic self-reliance.
He said while the medium term outlook is positive, the Government is determined to undertake immediate interventions after consultations with Government agencies, Development partners and the business community.
He said due to circumstances that has gone beyond our control, the much anticipated revenue from the PNG LNG Project did not eventuate.
Abel further reiterated the cost of running the government entities as a result of the low commodity prices.
However, he said the country’s economy continues to have the fundamental structural imbalances that is always a concern we need to take seriously.
The Treasurer then took time to explain each of the 25 intervention and the allocation of responsibilities.
He said the Government will need to consider a supplementary to identify the unreliable revenue in the 2017 Budget and to adjust the expenditure envelope accordingly.
The Economic Advisory Committee that will be tasked with the implementation of the 100 Day Plan include: New Ireland Governor Sir Julius Chan, Milne Bay Governor, Sir Luke Crittin, the Attorney General, Davis Steven and Gulf Governor Chris Haiveta.