Treasurer

“The nation’s best wishes are with Governor Parkop as he recovers from a life-threatening illness. I was pleased to pass on this message from Prime Minister James Marape and other Government caucus leaders including Deputy Prime Minister John Rosso and also my people from Kavieng when I visited Governor Parkop at the Gold Coast University Hospital on 5 January,” Ling-Stuckey said.

“Surrounded by family, Governor Parkop was in good spirits.

“As many of us know, Governor Parkop has long advocated a healthy lifestyle.

Treasurer, Ian Ling-Stuckey in his New Year’s message said the country’s economy is doing much better in terms of economic growth.

He added that the country expects to be a K113 billion economy in 2023, up from K79 billion in 2018 while inflation is expected to fall to under 6 per cent in 2023 – below the long-term average rate of 7 per cent.

The Treasurer further stated that PNG will start the year with the highest Kina level of international reserves in its history.

Treasury intends to better show what the national budgets are building for Papua New Guinea, creating much needed jobs in our districts.

In this first release, the second tranche of the Sustainable Highlands Highway Investment Program (SHHIP) is evaluated.

The SHHIP shall upgrade 71 bridges along the national Highlands Highway between Lae’s Nadzab Airport to Mt Hagen’s Kagamuga Airport.

Increased investment flows into PNG to help grow the economy, was the key item of discussion. 

Mr Ling-Stuckey said it was also an opportunity to relay the Marape-Basil Government’s gratitude for the strong support from Australia in dealing with the devastating health and economic impacts of COVID-19 in Papua New Guinea.

“A key example of this is the planned investment by Telstra into PNG. 

“There was agreement that this major investment could serve as an example for other Australian companies making major future investments. 

Namah said we are in the 21st century and such bills need to be reviewed and amended to confirm with the changing environment.

He emphasized that Government's institutions must be friendly to the people and Central Bank is one such.

The Opposition Leader also commended the Treasurer for doing his best to bring the amendment to the floor of Parliament for review.

The amendment to the Central Bank Bill will now see the reduced number of board members from 11 to a manageable 9 members.

The first phase report was completed on October 25^th and uploaded on the Bank of PNG website.

Themes covered in the report are: learning from experience; strengthening Bank independence; delivering accountability; reducing discretion; and matching objectives with functions.

Ling-Stuckey said he was pleased with the informative and positive discussions held with the United Nation’s Deputy Secretary-General, Amina Mohammed, on integrating the Sustainable Development Goals (SDGs) into PNG’s budget and economic frameworks.

Mohammed also chairs the United Nations Sustainable Development Group.

“Her insights as the former Finance Minister for Nigeria, a country of over 200 million people also dealing with major development challenges, were particularly useful,” stated Treasurer Ian Ling-Stuckey. 

He said Treasurer Ling-Stuckey’s presentation updated Papua New Guinea on the state of the economy during the ongoing war against COVID-19.

Marape also commended the Budget Management Committee (BMC) spearheaded by Treasury and Finance for keeping ‘MV PNG afloat in rough seas'.

“If they (BMC) hadn’t done this, we stood every possibility of sinking, but the Treasurer and his team stood strong.

“There were so many lies and deceit spun by the Opposition that we relied on overseas advisors.

In a letter to the Provincial Administrator, Ling Stuckey said he granted the budget conditional approval, and named two conditions that need to be satisfied before full approval is granted.

The conditions are that the provincial development plan 2017-2022 and acquittals on all Lihir royalty funds from 2007 to 2020 must accompany the budget submission.

Stuckey also said in the letter that the funds for the months of January, February, March and April only will be released and the balance of the funds will be frozen until the conditions are met.

Mr O’Neill asked the Treasurer to explain the COVID-19 loans that are adding up into billions of Kina.

“Can you assure this House where you are spending this money, so that our people and our country can be aware of the spending the Government is doing to stop the spreading of the COVID-19 in the country.

“Could you give us the exact time frame you will lodge the full report of this loans,” O’Neill asked.

O’Neill said the reason for raising this concern is because the funding are from international organisations that will be repaid by our country and our people.