Treasury

The Prime Minister in a recent media release expressed his commitment to thoroughly investigate key issues affecting the country in his capacity as Treasurer. 

Marape revealed a look into key areas of ongoing concern for Papua New Guinea. And looks forward to a complete review that aligns with the government’s commitment to economic stability and the well-being of the people.

Minister responsible Soroi Eoe confirmed this in a media statement issued today.

“This serves to inform my good Ward Members throughout the country that my department has received a warrant of K30 million from the Department of Treasury three (3) weeks ago (to pay) your outstanding allowances. 

The review is an annual gathering of government agencies prior to the starting of the second quarter budget review.

The two-week conference started on Tuesday and is attended by government agencies, provincial administrators, CEO’s of provincial health authorities and relevant human resource management team in the public service sector.

This is according to Minister for Treasury, Ian Ling-Stuckey when these points were the centre of discussion between the Treasurer and Head of Telstra, Andy Penn and Telstra staff in Melbourne, Australia.

“Around the globe, it is recognised that modern telecommunications can connect people in ways simply not possible using traditional land-line phone services. A good, fast data connection can allow our small and medium-sized enterprises to reach out to markets throughout the world without having to go through middlemen,” Mr Ling-Stuckey said.

Ling-Stuckey was at BPNG on Monday to witness the swearing in of the new Bank of PNG board members.

The new members are acting Governor, Benny Popoitai, David Toua, Ulato Avei, James Gore, Des Yaninen and Richard Kuna.

In its first business of the day, the new board elected David Toua as its interim chairman. 

During the event, the Minister said the current review was timely, given that good governance in most countries suggest that laws should generally be reviewed after ten years, not twenty two years, as was the current case.

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 31^st of March, and announced on the 1^st of April in Port Moresby.

Treasurer and Deputy Prime Minister Charles Abel when announcing the budget said the 2018 Budget forecasts an increase in non-tax revenue, through transferring unused balances from revenue collecting agencies to the Consolidated Revenue Fund.

The Budget comprises of K13, 099.4 million in Government funding, K593.9 million in loans and K1,024.6 million in grants with more focus on Agriculture, Education, Health, Tourism, Small to Medium Enterprise

ASFPNG Interim President and Chief Executive Officer (CEO) of the National Superannuation Fund (NASFUND), Ian Tarutia, said a letter has been addressed to the Secretary, Dairi Vele, to look into the issue.

Tarutia said some of the taxation laws in the proposed amendments have resulted in some ‘unintended consequences,’ such as double or triple taxing of dividend income from companies.

This he said will have an impact on dividends paid to members at the end of the year.

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.

A frustrated Governor Gary Juffa stated that the continued effort to address corruption in Oro has uncovered what appears to be a syndicate of individuals including administration, treasury and bank staff collaborating with criminals and other private citizens to defraud the province and the people of their funds and is revealing interesting names.