PNG economy rebounding: Minister

The economy is in a better position than doom and gloom merchants would have you believe.

In a statement, Foreign Affairs and Immigration Minister, Rimbink Pato, says: “We are emerging from a challenging period with reduced commodity prices, but we are seeing a rebound that is strengthening the economy.

“Our economy is into the fifteenth year of positive economic growth, and debt and inflation are under control.

“Despite the recent global downturn, the Government was able to manage pressures and not reduce critical service delivery.

“We do have foreign currency access concerns that are being resolved, and have improved since last year.”

Pato made the statement after disputing an article in a foreign media regarding PNG’s delay in the payment of UN membership contribution.

The Foreign Minister said the start of the financial year, from January to February, was often fiscally tighter than later months for the Government, but to use this to talk-down the Papua New Guinea economy was misleading.

“If the foreign reporter had sought to check the facts, the sensationalism could have been avoided,” states Pato.

“Instead they created a story that linked an electricity payment issue of a separate department, a company with contested contractual arrangements in another country, and from this created a negative story.”


Press release