2016 National budget

Nearly half of the APEC expenditure will go towards security preparation amounting to K35 million in 2016 alone.

As hosts, PNG will conduct about 180 APEC meetings before the 21 APEC leaders arrive in the country in 2018.

The APEC Forest Ministers meeting which ended last week is the first high level APEC delegate discussion.

Other lead up topics will be on economy, security, energy, trade and investment, infrastructure, etc.

The department of Treasury says mining and petroleum revenues should start to flow to the Sovereign Wealth Fund in 2016.

They say funds will be drawn down from the SWF Stabilization Fund into the Budget based on a formula which caps the maximum amount available to be drawn down at 8 per cent of the value of the Appropriations Bill for 2015.

In a media release, Pruaitch says the forecast from the 2015 Budget has been significantly impacted by a sharp fall in commodity prices.

“This has required downward revisions to tax and non-tax revenue receipts, particularly from the mining and petroleum sector.”

He said the 2016 Budget therefore will be framed against two dominant adverse influences.