Deputy Prime Minister and Treasurer

PNG's DPM appointed to international board

He will be representing the interests of PNG and other EITI implementing countries in the South East Asian region in the 2019 to 2022 EITI Board.  

Abel’s appointment was confirmed on the 21st of March by the EITI International Secretariat. 

Head of PNGEITI National Secretariat, Lucas Alkan, said the appointment demonstrates the confidence they had in PNG to lead on the EITI’s work on good governance of natural resources.

DPM responds to Ling-Stuckey on tariffs

In an earlier analysis of tariff tax, Ling-Stuckey said over 70 new tax increases have been imposed by PNC from 1 January 2019.

This includes a 15 percent tax increase for wheat flour, additional tariff tax of K1.70 per kilogram on all imported fresh chicken pieces and a new 25 percent tariff on all creams, yogurt and ice-creams, including UHT milk.

However, in response, Abel said the tariff on flour only affects retail packaged imported flour.

Doubts about closing of govt accounts

Deputy Prime Minister and Treasurer, Charles Abel, recently said the Government remains committed to closing the 2018 accounts in a disciplined manner to ensure they start on a clean state.

In response, Shadow Minister for Treasury & Finance, Ian Ling-Stuckey, said Treasurer Abel needs to ensure that the government actually pays all its bills.

Govt to close accounts in disciplined manner

He said this is to ensure they start on a clean state with fewer distractions from legacy issues as well as to ensure frontline services in the provinces and districts are operational.

Abel said this in a media conference on Monday.

He stated the 2018 accounts are closing in a relatively healthy position largely due to improvements in tax collection, increased dividend payments, rebounding commodity process and the unprecedented international financing secured this year.

PNG raises over a billion Kina in sovereign bond

Deputy Prime Minister and Treasurer, Charles Abel, announced this in Port Moresby on Friday following a marketing roadshow overseas.

Abel welcomed the successful outcome of the bond issue which will be used to retire high cost short term domestic debt, convert short term debt t longer term, bring in foreign exchange and fund expenditure per the 2018 budget.

The Deputy Prime Minister said the 10 year bond raised K1.57 billion at 8.375, oversubscribed by 600 per cent.

Deputy PM condemns Opposition’s statements

Abel made these remarks in response to the Opposition Leader’s statements calling for an explanation from the Government regarding the cash flow issues.

Responding to Pruaitch’s statements, Abel condemned his comments saying most of what the Government is implementing today was dictated by Pruaitch when he was the then Treasurer.

Deputy PM to launch PNG EITI reports

The reports, concurrently compiled last year, cover the fiscal years 2015 and 2016 and encompass large scale mining, oil and gas projects that were in production.

PNGEITI Head of Secretariat, Lucas Alkan, said: “The reports list 9 reporting entities from mining sector and 7 entities from the oil and gas sector that made material payments to the government in 2015 and 2016.

“It also lists 7 SOEs and 8 relevant government departments that received these payments in the same years.”

Deputy PM clears air on NSO claims

Abel said these rumours were baseless allegations from certain individuals who have been periodically raising them on social media.

The DPM was clarifying queries raised after recent posts on the social media site Facebook speculating that National Statistician allegedly misappropriated a total of K200 million which was supposed to be used for the National Identification (NID) project.

It was also claimed that Koloma misappropriated K44m from the NSO Recurrent funding and K6m meant for NSO Reform funds.

Deputy PM assures landowners of royalty payment

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?

Cheaper, faster internet for PNG: Abel

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.