With the objective of growing the PNG economy to K200 billion by 2030, the Medium Term Development Plan IV (MTDP IV) is supported by 12 Strategic Priority Areas with supporting investments implemented through the Deliberate Intervention Programs.
These include growth drivers such as downstream processing in PNG natural resources, value-added manufacturing in PNG, mining and petroleum operations, strategic trade and investments, Connect PNG infrastructure, Micro, Small and Medium Enterprises (MSME) expansion, and promoting a productive, healthy, and responsible population.
Deputy Secretary Policy and Planning of the Department of Planning and Monitoring, Michael Kumung during the MTDP IV consultation workshop in Port Moresby said the coming on-stream of major resource projects, including the Papua LNG Project, the P'nyang Gas Project, and the Wafi-Golpu Mine, as well as the reopening of the Porgera Gold Mine, will accelerate economic growth.
“This should bring the economy close to K164 billion and contribute to generating an additional million jobs for our PNG citizens by 2027,” Kumung said.
Mr Kumung further explained that additional revenues are expected to be generated through government interventions in tax and nontax reforms, and Customs administration.
These will be used to ensure a balanced budget is achieved by 2027 and enable all debts to be settled by 2034 as per the Government’s 13-year Budget Repair Strategy.
Mr Kumung stressed that the MTDP IV clearly outlines the government’s policy intent to undertake downstream processing of our natural resources and empowering our people by vigorously promoting MSMEs.