Patrick Pruaitch

Pruaitch defends DSIP funding

He was answering a series of questions about the relevance of DSIP funds after revealing the 2017 National Budget at the press lock-up on Monday.

After savings measures were introduced with declining revenue, all government priority areas experience cuts in the K12.9 billion budget handed down, except the DSIP component.  

But Provincial Service Improvement Program (PSIP) money allocated to provincial government to support their districts got a K10 million slice.

Weakening commodity prices affects 2017 Budget

This has resulted in the Government handing down a 2017 deficit budget of K12.9b on Tuesday.

Treasurer Patrick Pruaitch when handing down the budget said it has been no secret that the country have been facing economic crisis.

“We have been forced by circumstances to tighten our budgetary situation further through Supplementary Budgets in 2015 and 2016.

“In doing so we have maintained a conservative course in terms of fiscal sustainability and will be well placed to capitalise on developments when global economic conditions improve.”

Government imposes huge tax on cigarettes and alcohol

The Government has imposed  this tax burden to encourage people to be mindful of their health and take ownership of their lifestyle.

Treasurer Patrick Pruaitch when presenting the 2017 Budget in Parliament today said the consumption of alcohol and tobacco has associated social implications which the Government continues to face through increased funding for law and order, manpower, free primary health care, social awareness and education.

More so, he said the consumption of such goods contributes to poverty and wasteful expenditure.

K12.9b budget for 2017

This comprise of K9,182.2 million in tax revenue, K1,045.3 million in grants and K1,245.7 million from other sources of revenue.

Pruaitch, when announcing the 2017 Budget in a Budget Lock-up session today said the Budget has been framed in a way that will still prioritise the key government areas which include the education and health sector.

Function grants to increase

This was stated in Parliament on Wednesday October 27 by Treasurer, Patrick Pruaitch, when presenting the National Economic and Fiscal Commission Annual Reports from 2010 to 2014.

Pruaitch said function grants increased significantly from K250 million in 2010 to K520 million in 2014.

This is due to the adoption of a new inter-governmental finance system which allows for district’s to have access to more funding based on the cost of services in their districts.

Do not press a panic button: Treasurer

Kua directed his questions to Treasurer Patrick Pruaitch during Parliament on Tuesday asking for an assurance about the 2017 Budget before the Government tabled it.

He claimed that the revenue had not been keeping phase with the expenditure component of the Budget.

“Can the Treasurer give us some assurance that he will be able to align the expenditure with the revenue so that we can be fully execute the budget before the end of the year?”

Pruaitch calls for strengthening of Government’s PPP

Speaking today at the launch of the Automated System for Customs Data (ASYCUDA) software programs in Port Moresby, PNG Customs boss Ray Paul on behalf of Pruaitch said such software programs will provide a competitive environment.

“It is through such that we will provide a competitive environment that is conducive to promoting trade and investment in our country resulting in increased fiscal economic performance and macro-economic growth.”

Government maintains rural funding

Treasury Minister, Patrick Pruaitch, made the statement in the publication of the 2016 Second Quarter (Fund Released Report).

Pruaitch says the funding to the Provinces, Districts, and Local Level Governments are to to implement priority projects and while maintaining transparency at all levels of Government.

Pruaitch says the Government remains committed to achieving development across the country, particularly through its continued efforts to transform the rural economy.

Government signs K364m loan deal with ADB

Treasury Minister Patrick Pruaitch signed the deal with the Asian Development Bank’s Country Director Marcelo Minc on Thursday October 6, 2016.

The loan is part of the ongoing US$400 million (K1, 196.17m) multi-tranche financing facility road program that was approved since 2008.

These programs will address 2,500km of major national, provincial and some district roads and improve the capacity of National Roads Authority (NRA) and Department of Works to deliver quality road infrastructure. 

Huawei launches new P9 smartphone

The new smartphone was officially launched in Port Moreby by Minister for Treasury Patrick Pruaitch last night.

Pruaitch congratulated Huawei for introducing this product into the PNG market and meeting the demand of customers.

The Huawei P9 enables you to capture high quality pictures without compromising on the handset’s sleek and compact style.

The P9 offers 3 film mode to ensure images are timeless and have a unique emotional resonance.