Charles Abel

He said the Government has learnt from experience and is now negotiating loans which have better terms for the country.

He said this following the signing of a concessional loan with the Czechoslovakian EXIM Bank for K172 million (Euro 55 million) for the Boram Hospital Upgrade Project.

Abel said given the experience of the China EXIM Bank loan, which had tied conditions, the PNC-led coalition is now working to move away from such arrangements.

Acting Prime Minister Charles Abel however says various court cases have stopped the Government from doing so.

Abel said it’s a very complex issue and would like some of the court issues settled quickly so that the money is released.

He said numerous court issues have stalled clan vetting, which once completed, will finally see all landowners being paid their royalties.

“We’re committed to pay that money. We were ready to pay.  It’s the issues amongst the landowners,” he said.

The first is a K41 million (AUD$18 million) grant from the Australian Government for the continuation of the Rural Primary Health Service Delivery Project.

The second is a concessional loan from the Czechoslovakia EXIM Bank for K172 million (Euro 55 million) for the upgrading of the Boram Hospital in East Sepik Province.

Acting Prime Minister, Charles Abel, said the signing represents the ongoing commitment of the Government towards the health sector.

This is one of the main tax regime reforms under the 2018 Budget to identify personal bank accounts being used for business purposes.

Deputy Prime Minister and Treasurer, Charles Abel, says measures have commenced in this budget to tidy up the tax code by key institutions.

The Bank of PNG, Internal Revenue Commission, Investment Promotion Authority and commercial banks are cooperating to enforce compulsory TINs for all new and existing bank accounts.

Abel said the budget is people focused.

In an interview today, Abel said the Government is doing all it can to serve the people and nothing is sinister about the 2018 money plan.

The Treasurer, when responding to a newspaper article of the Opposition describing the 2018 Budget as ‘Fake’ said he is very disappointed with the media outlet for not getting the government’s side of the story.

He said the 2018 budget was one of the best the country has ever had, because it addresses some of the underlying issues the country is facing like the foreign exchange issue.

Today, Deputy Prime Minister and National Treasurer, Charles Abel, addressed the Mining & Petroleum conference, saying the Fund is a critical part of PNG’s medium term strategy in building the country’s economic resilience and saving for future generations.

The National Treasurer addressed a packed conference room, of the government’s observations on the mining and petroleum sector.

The notion to set up a Sovereign Wealth Fund stems from four key characteristics that shape how the government should think in driving the sector.

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

He said the landowners have to get their facts right and deal with land boundaries and clan vetting exercise before the Government can release the royalty payment.

Abel added that the Government is still committed in releasing the funding that was rightfully belong to the people and will not hold back if everything is in order.

The Deputy Prime Minister was responding to questions from the Opposition leader, Patrick Pruaitch on Wednesday.

“When will the Government fulfill its commitment in releasing the royalty payment to the landowners?

Deputy Prime Minister and Treasurer, Charles Abel, recently engaged with the World Bank and International Monetary Fund at meetings in Washington D.C.

Abel says the new submarine fibre optic communications cable project, and the provision of concessional financing for the restructuring of existing debt, will deliver positive economy stimulus for the economy.

Deputy Prime Minister and Treasurer, Charles Abel, said he has tasked the commission to carry out the review in a bid to fully understand the factors causing high rental costs.

Abel said while the government’s initiative to make housing more affordable though is First Home Ownership Scheme is still ongoing, there are still many who rely on rental accommodation.

Accompanied by his Vice Minister for Treasury, Win Daki, Abel visited the ICCC yesterday as part of a routine stopover at various government institutions.