The Government has expended K56.3 million to date as part of the country’s hosting of APEC 2018.
This is from a drawdown of approximately K74.5 million.
Minister for APEC, Justin Tkatchenko, revealed this during his address to Parliament last Wednesday on APEC preparations.
Tkatchenko said of the remaining K18.2 million remaining from the K74.5 million drawdown, K5.5 million has already been committed awaiting payment.
He said the country was now in the business end of the APEC year and this would require a budget of over K120 million.
“We are now in the business end of the APEC year with security expenditure, which is still to be finalised, salaries, vehicle payments, building renovations, meeting costs and the International Media Centre, together with and other operational expenses projected to require a further K128.1 million.
“Pending further security requirements, this total projected expenditure of K202.1 million is substantially less than the budgeted K270 million.”
Tkatchenko said this expenditure will be offset by financial inflows from delegates travelling in for the APEC meet.
But the real positive was in the future.
“Placing this into perspective - delegates and member economies alone are anticipated to be spending up to K200 million on airfares, hotels, administration and other expenditure in Papua New Guinea,” said Tkatchenko.
“But the real value of APEC is long-term.
“This is through the level of global awareness of Papua New Guinea’s economic and investment potential.
“It is through the opportunities we have to draw from regional APEC expertise and capacity building to strengthen our key economic sectors such as tourism, agriculture, fisheries, telecommunications, small and medium enterprises and forestry.
“Together, all of this stimulus translates into billions of Kina in increased future economic output, a rise in skill levels and the economic enhancement of our country.”
He called for APEC to be embraced.
“It is an enormous opportunity for our country, and I commend the vision of our Prime Minister for bringing APEC to Papua New Guinea.”