The National Development Bank got the second largest budgetary cut in the 2016 Supplementary budget announced by Treasurer Patrick Pruaitch last week.
Because NDB gives out loans to Small and Medium Entrepreneurs, Papua New Guineans will feel the pinch in this National Government saving measure to fund the 2016 National Budget.
NDB will have K49.6 million capital expenditures redirected to the government coffers because of drop in projected government revenues for this year.
Treasury Minister Pruaitch, when handing down the budget, said: “The 2016 supplementary budget comprises adjustments that include both expenditure saving measures of K928 million and additional revenue raising measures of K958 million”.
This will see expenditure cuts to majority of government departments, statutory bodies, provincial governments and government projects’ budgets. This is to save cost and adjust the 2016 National Budget because of shortfall in revenue generated into the country’s purse.
Department of Works and Implementation got the largest budget cut of K157.7 million.