Government plans economic recovery

The Government can now build on the early signs of economic recovery, and lay the foundations for the investment spending in the gas, mining, agriculture and other sectors.

Prime Minister Peter O’Neill made this remarks after the members of parliament vote against the motion of the vote of no confidence against him (O’Neill) last Friday (July 22).  

He said as a trading nation, especially in LNG, as well as minerals and agricultural products, the country need a growing world economy, and stronger trade in commodities, and higher commodity prices, to maximise the recovery in the domestic economy

“The Papua LNG Project will create 13,000 jobs during the construction phase and provide a significant boost to economic growth, and the health of large and small businesses,” he said.

He said one impediment to the economic recovery continuing was political instability and community disruption and disorder.

“Investors, both local and overseas, want certainty and when you have a total capital investment running into tens of billions of kina, such as with the Papua LNG Project, they are surely entitled to it,” he said.

O’Neill reiterated that the recent International Monetary Fund (IMF) warning must not be ignored.

“The warnings from the International Monetary Fund on slower global economic growth this year and in 2017 makes it even more critical than ever that Papua New Guinea maintains a strong and competent National Government.

“It simply means political stability and good government are absolutely vital if we are to navigate an uncertain global economic environment, and build on the improvements in the domestic economy that have been achieved this year.”

“There is much more to be done – and a strong united national government supported by a united parliamentary team – is the only way to deliver on the opportunity we have today and tomorrow,” he said.

Freddy Mou