The Investment Promotion Authority (IPA) will no longer be receiving budgetary support commencing this year, 2017.
Under the 2017 Budget handed down in November 2016, the Government says the IPA is able to sustain its operations from internally generated revenue and will no longer be receiving budgetary support.
A funding of K2.17 million captured under the IPA is given specifically for the Securities Commission of PNG only.
IPA Acting Managing Director, Clarence Hoot, tells Loop PNG that the decision has prompted them to be more strategic in their approach to delivering their programs.
“I think we realised that the Government probably has better priorities, which will have an impact on the people, in the provision of services. And we take the Government’s decision with comfort and we think that, from us as an organisation, I think it’s about being strategic in prioritising our activities.
“One of the areas that we will do is obviously focusing one of our priority activities is the compliance exercise which is where we will make some money,” said Hoot.
The Government estimates K13.3 million in revenue from the IPA this year.