economy

Government estimates project GST to haul in K1,484.7 million (K1.5 billion) of the overall Tax on Goods and Services predicted revenue of K2,762.2 million (K2.8 billion).

The Tax on Goods and Services will also comprise of K691.1 million in Excise Duty, Import Excise of K300.3 million and K180.5 million in Gaming Machine Turnover Tax.

The Government states that the gradual increase in commodity prices and in the agriculture and mining sector in 2017 are expected to support income and spending on goods and services in the economy.

One cannot miss the roadside markets along several feeder roads into Kokopo town and around Kokopo district.

So far the Kokopo District has about 20 roadside markets completed and operating so far. They are equipped with solar lights, with rest room facilities, and tanks providing water supply.

He said with a number of major oil, gas and mining projects continuing to progress towards the final approval and construction stages, the country is in a stable economic position.

O’Neill made these remarks after the International Monetary Fund (IMF) warns on slower global economic growth this year and in 2017.

“The Bank of Papua New Guinea has pointed to private sector growing in the first quarter of 2016, compared with a decline in the December quarter of 2015.

ADB’s Pacific Department biannual economic report; the Pacific Economic Monitor indicated that without further fiscal consolidation, PNG is likely to miss its fiscal targets.

ADB country director Marcelo Minc said the budget formulation needs to become more focused on delivering services.

He said improving infrastructure and enabling private sector participation remains central to achieving broad based, inclusive and sustainable economic growth.

“For instance increasing export competitiveness in the fisheries sector could help expand jobs.”

“Only by the Prime Minister acknowledging the nature and scale of the problem, and sharing it with Papua New Guineans, can we find solutions to fight the problem, hand in hand.

More than 50 police vehicles enter UPNG Waigani campus

More than 50 police vehicles entered the University of Papua New Guinea’s main Waigani campus at around 4.45am today.

http://www.looppng.com/content/more-50-police-vehicles-enter-upng-waigani-campus

‘Let them come in and attend classes’

President of PNG Chamber of Mines and Petroleum, Gerea Aopi stated in his address at the Second APEC Business Advisory Council (ABAC 2) conference in Port Moresby for 2016 on Monday, April 25。

Aopi cited examples that on the minerals front, the discoveries at Frieda River in West  Province and at Wafi-Golpu in Morobe Province are among the largest undeveloped copper-gold deposits in the world.

Polye said this after ascertaining the PM, urging exporters to bring their off-shore funds to cushion the current shortage of foreign exchange.

He said he also understood there were plans afoot for the Prime Minister and his government to review the terms and conditions under the controversial Union Bank of Switzerland (UBS) K3 billion loan agreement.

“Well-placed sources tell me that Mr O’Neill’s Public Enterprise Minister William Duma and, Petroleum and Energy Minister Ben Micah are working on this arrangement.

He attributes the state of PNG’s economy to the drop in revenue for PNG with the decline in prices for oil, gold and copper.

He says although the government was anticipating growth for the economy, the hard times now mean the country will have to live within its means.

Institute of National Affairs (INA) Director Paul Barker told Loop PNG via email that it’s not the result of any action or inaction on BSP’s part, but it’s really the reflection of the poor economy growth.