Ian Ling-Stuckey

K462m Western budget approved

The Budget, submitted by Governor Taboi Awi Yoto, consists of National Government grants of K236 million, and internal revenue (mostly from the resources sector) of K226.7 million.

Ling-Stuckey complimented Governor Yoto on the focus of the budget, which reflects the Marape-Basil Government’s agenda for national economic and social development.

He said he and the Treasury would work closely with the Governor and his provincial administration to ensure that the 2021 provincial budget is delivered according to plan.

MPs terminated from provincial assembly

The provincial assembly voted unanimously in favour of the motion.

The motion was moved as a result of the numerous absences of the two MPs for assembly meetings. Both members were absent from assembly meetings on Wednesday 9th September 2020, Wednesday 16th September 2020, Wednesday 23rd December 2020 and Wednesday 17th March 2021.

The motion was put to vote with no opposition and was passed with 17 votes.

MP calls for New Ireland way

This was the theme of discussions and message shared by the Minister for Treasury and Member for Kavieng, Ian Ling-Stuckey, with leaders and conflicting groups from indigenous and non-indigenous New Irelanders in Kavieng town.

A civil unrest occurred in Kavieng on Saturday, March 20th, when frustrated locals set out to “cleanse” their town of vagrants and petty criminals.

Govt payment system to be reformed

The BMC comprises of Chairman and Treasurer, Ian Ling-Stuckey, Finance Minister John Pundari, Planning Minister Rainbo Paita and his Vice Minister, Dr Kobby Bomareo.

In explaining the purpose of the meeting, Ling-Stuckey said: “We have heard the frustrations of our local businesses, Members of Parliament and Government agencies, with late and declined government payments. This has to stop if we are to deliver services to our people.

Nearly K18bn economic growth forecast

Treasurer Ian Ling-Stuckey said this growth is for the people of PNG as the growth forecast will mainly benefit the non-resource economy.

The 2021 budget was passed today with only 49 MPs from the Government bench.

In his budget speech, under the theme ‘consolidation for growth’, Minister for Treasury, Ling-Stuckey, said PNG’s economy is expected to grow by nearly K18 billion over the next two years; from K81 billion to K99 billion.

SOE reform program initiated

“This programme encompasses all SOEs. It will bolster their financial and technical capacities and, together with greater transparency and accountability, will underpin PNG’s long-term economic growth prospects and potential.”

The SOE reform program is being supported by a US$500 million loan approved by the ADB with the initial US$100 million provided in 2021.

“The Opposition will jump up and down and just say more debt. But as a businessman I am willing to borrow if my returns are much greater. This loan from the ADB will be at an interest rate of less than one percent.

Treasurer acknowledges Aust for economic support

Australia has indicated that it will provide - in their fiscal year 2020/21 - A$596 million (K1,252 million) in economic assistance as grant funding. In addition, they have agreed to suspend interest and principal repayments for the US$300 million (K742 million) concessional loan provided last November.

Australia is also providing a major COVID-19 economic assistance package, guaranteed PNG would be part of a major vaccine distribution program when one is available, and is providing additional support through a new infrastructure facility.

Govt forced to renegotiate K375m loan: Treasurer

Ling-Stuckey said this involves a deal by the former government that saw them agree to a K375 million one off payment, if Petromin (now Kumul Minerals) failed to service a BSP loan for the Solwara-1 deep sea mining venture.

“The National Executive Council recently, had no choice but to restructure the debt, which has been transferred from the former Petromin subsidiary, Eda Kopa, to the Department of Treasury.

Policies to improve living standards: Treasurer

In his Supplementary Budget speech, the Treasurer said he had set out four examples of forward looking policies. They are examples of how they are trying to broaden PNG's economic growth focus away from the resource sector and into the broader economy.

"Following is an extract from my Supplementary Budget speech last Thursday which was under the heading ‘Looking forward’ and provides four specific examples of a new vision for PNG," outlined the Treasurer.

Modernisation of Central Banking Act

“We are borrowing, paying off expensive debt with much cheaper international financing, such as the zero percent interest rate on the no conditions IMF loan received in June,” said Treasurer Ian Ling-Stuckey.

“One issue with the substantial increase in international financing is that much of it is expected to arrive in December – possibly up to K2.5 billion of it. So we are facing a major cash management challenge of cash arriving late but having to continue paying for our health, education and justice systems.

“A two-stage solution is planned.