Patrick Pruaitch

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.

National Alliance Party aims to win more seats in 2017: Party Leader

“Tomorrow (today) they will go into their regional grouping to come up with a winning strategy for their region, for the next two days,” NA parliamentary leader Patrick Pruaitch said.

Speaking during the party’s major fundraising dinner yesterday in Port Moresby, Pruaitch is confident to win more seats in the national elections next year.

“We will be able to agree and finalise our strategy and our candidates for the 2017 General Elections.

NA Party to host fundraising dinner

Parliamentary leader and Minister for Treasury Patrick Pruaitch said the party has a legacy of a political party that functions as a serious political organization.

"It has had its challenges, its ups and downs and is now ever determined to rise up again through the normal electoral processes to be the leading political party," says Pruaitch.

The dinner will be held at the Stanley Hotel and Suites with entertainment by Patti Potts Doi and the Mysterious Tabar Dancers.

 

Government to fulfill commitments by end of December

When responding to Grand Chief Sir Michael Somare’s questions on the provincial quarterly grants, Pruaitch said the Government will still give the funding to the provinces.

Pruaitch said given the cash flow problem the country is facing, the revenue coming into the Government coffers are a concern.

“Therefore, we have taken measures to control the spending and the release of funds to the provinces,” he said.

“The Government is working to ensure that the commitments made in 2016 Budget will be fully funded before the end of December.”

Pruaitch supports Supplementary budget

The Treasury Department’s 20-16 Mid-Year Economic and Fiscal Outlook, provided early warning signals on the need for an urgent Government action on a sustainable budget.

In a statement this afternoon, Treasurer Pruaitch said an urgent early Supplementary Budget will demonstrate the Government’s commitment to prudent and disciplined fiscal policy, and maintenance of macro-economic stability.

Treasury Secretary Dairi Vele has recommended that the 2016 Budget spending be reduced by 1.9 billion kina to bring it in line with revenue shortfalls.