Charles Abel

Abel reveals K2 billion shortfall in revenue

Finance Minister Charles Abel made this known in parliament on Wednesday, after he was asked about funding support for provinces experiencing natural disasters.

Minister Abel said only K20 million was budgeted for National Disasters.

The government was asked to fund emergency responses and rehabilitation exercises to several provinces that experienced flooding catastrophes only recently, but Minister Abel said what has been asked of the government cannot be met at the moment.

A 2 billion kina shortfall in the 2019 budget has not helped the situation.

Ijivitari MP resigns from PNC

One day after the formation of the new government, another member of the People’s National Congress Party has resigned and will be joining the Our Development Party with party leader Sir Puka Temu.

Yesterday Alotau MP and interim Treasurer Charles Abel announced he is leaving PNC to join Our Development Party.

Soon after Abel’s announcement, Ijivitari MP Richard Masere also made his intentions known.

Govt yet to ID right landowner group

Deputy Prime Minister and Treasurer, Charles Abel, said this recently when asked for an update on the payment issue.

More than two Koiari landowner groups have popped up in recent years, creating complications when it comes to the disbursement of royalties or land vetting and mobilisation funds.

The most recent issue encountered was when a large group of locals shut off water valves at the hydrostations on the 22nd of March, demanding K10 million in payment.

Over K14m in revenue, grants: Treasury

Deputy Prime Minister and Treasurer, Charles Abel, says this is 5.1 percent higher compared to the 2018 Supplementary Budget estimate of K13 million.

In compliance with the PNG Fiscal Responsibility Act 2006, which was amended in 2017, the 2018 Final Budget Outcome Report was released via the Treasury website on the 31st of March, and announced on the 1st of April in Port Moresby.

PNG's DPM appointed to international board

He will be representing the interests of PNG and other EITI implementing countries in the South East Asian region in the 2019 to 2022 EITI Board.  

Abel’s appointment was confirmed on the 21st of March by the EITI International Secretariat. 

Head of PNGEITI National Secretariat, Lucas Alkan, said the appointment demonstrates the confidence they had in PNG to lead on the EITI’s work on good governance of natural resources.

GDP to grow by 4pc: Treasurer

Deputy Prime Minister, Charles Abel, said this during the 3rd Petroleum and Energy Summit.

He said there were further encouraging signs with a modest but steady decline in inflation, which is expected to be around 5.4 percent.

The Deputy Prime Minister said Treasury will soon release the final Budget outcome for 2018 and there are some positive signs.

“I’m very pleased to report that after some difficulties were now seeing a welcome rebound in the economy and for your part, I want to thank you as investors in our country,” Abel said.

DPM on three-day Lae visit

The DPM and Governor were joined by the Members for Lae Open, John Rosso, and Finschhafen Open, Rainbow Paita, as they spent the day visiting a number of significant private sector investments.

Opening the latest K20 million upgrade to the Coca-Cola plant, the Deputy Prime Minister said: “It is encouraging to see our policy changes, including tariff adjustments, have given the private sector confidence to be making substantial investments like this.”

International experts to help with tax issues

PNG’s Treasury has entered into an agreement with the Organisation of Economic Cooperation and Development to see this through.

The Government has invited the Organisation of Economic Cooperation and Development (OECD) to assist them with some auditors to look at cross border transactions.

Deputy Prime Minister and Treasurer, Charles Abel, said these international taxation experts will also help the Internal Revenue Commission better manage the issue of multinational companies’ transactions.

DPM responds to Ling-Stuckey on tariffs

In an earlier analysis of tariff tax, Ling-Stuckey said over 70 new tax increases have been imposed by PNC from 1 January 2019.

This includes a 15 percent tax increase for wheat flour, additional tariff tax of K1.70 per kilogram on all imported fresh chicken pieces and a new 25 percent tariff on all creams, yogurt and ice-creams, including UHT milk.

However, in response, Abel said the tariff on flour only affects retail packaged imported flour.

Doubts about closing of govt accounts

Deputy Prime Minister and Treasurer, Charles Abel, recently said the Government remains committed to closing the 2018 accounts in a disciplined manner to ensure they start on a clean state.

In response, Shadow Minister for Treasury & Finance, Ian Ling-Stuckey, said Treasurer Abel needs to ensure that the government actually pays all its bills.