Foreign reserves

Foreign reserves increased

This is an improvement of K368.6 million at the end of 2016, according to the Mid Year Economic and Fiscal Outlook Report (MYEFO).

The report states that the increase in the level of reserves mainly reflects improved inflows from non-mineral export receipts, expected proceeds from external financing, receipts for royalty and development levy associated with the PNG LNG Project and concessional loan drawdowns from bilateral and multilateral sources.

Polye demands truth about foreign reserves

 Polye claims the back log is about K2 billion.

He has queried Mr Marape whether the government had any corrective measures to ease the bottleneck to continuously spin the wheels of the business activities in the country.

His final question was why the local currency was continuing to devalue  against the US dollar since 2013.

In response Marape said the trade (export and import) cover would be K5.7 billion at the end of this year.