PNG economy 2017

“New members of parliament can be excused for not knowing the real picture before being elected recently into office but members that have reentered parliament are staying with the O’Neill regime for the wrong reasons,” says Kua.

“There is no money in the government coffers so it is based on a false premise that members of parliament attempt to justify their move to government.”

He added that the 100 day plan shows the lack of imagination of this government as they are 6 years on, responsible for where we are today socially, financially and economically.

He said there are more people without jobs in Port Moresby than five years ago and local and foreign companies have reduced their staff size or closed their doors completely.

“Despite all this, there is no reigning in of expenditure in the government’s 100 day plan. Taxes have gone up and the man on the street is expected to pay more because this government has overspent in the last six years.”

“There is no excuse for these individuals seeking to mislead investors and the business community,” Prime Minister Peter O’Neill said in a statement.

“The facts are clear and the data is irrefutable.

“The National Economy grew by close to three percent last year, and our debt to GDP in 2016 was at 29.4 percent, well below the limit of 35 percent and will reduce to 28.8 percent this year.

“Our economic fundamentals remain strong and international investors continue to maintain confidence in our economy.”

He said as Government operations resume, and businesses end their Christmas shutdown, global indicators are also positive for the economy.

“The New Year brings increased opportunity to expand positive growth, stimulate business and create jobs,” the Prime Minister said as he returned to duties after spending Christmas and New Year with his family.

“Last year we weathered one of the most challenging global economic environments in recent years, and our economy is still producing positive growth.