Treasurer Patrick Pruaitch

Exim Bank of China approves loan

This was announced by Treasurer, Patrick Pruaitch, when Parliament resumed today.

Pruaitch announced that the loan was approved on December 16 last year however, they have yet to formalise it with the signing of agreements.

He revealed this during ‘Question without Notice’ when Enga Governor Peter Ipatas, queried the funding of the Provincial Hospital.

“Once the loan agreement is signed then we will inform the Governor for the draw down to take place and the implementation of that hospital should happen in the first quarter of this year,” said Pruaitch.

Abel: Nothing sinister about 2017 Budget

In a media conference today, Abel said the 2017 Budget was presented in the same  new format which may have caused confusion in the Opposition ranks.

He said these following outbursts by the Opposition in Parliament yesterday during the Budget debate, over alleged inaccurate figures contained in the 2017 Budget.

Abel reiterated a statement by Treasurer, Patrick Pruaitch after Parliament ended, saying the budget papers are in order.

National Development Bank gets budget cut of K49.6 million

Because NDB gives out loans to Small and Medium Entrepreneurs, Papua New Guineans will feel the pinch in this National Government saving measure to fund the 2016 National Budget.

NDB will have K49.6 million capital expenditures redirected to the government coffers because of drop in projected government revenues for this year.  

Treasury Minister Pruaitch, when handing down the budget, said: “The 2016 supplementary budget comprises adjustments that include both expenditure saving measures of K928 million and additional revenue raising measures of K958 million”.    

Treasurer labels critics and Opposition as ‘doomsayers’

Pruaitch said they had been accusing the government of mismanaging the economy of the country without even getting it right.

He defended the government and said the O’Neill/Dion government had ensured that the management of the macro economy remained in good and capable hands.

He said the nation’s revenue, banks and spinoffs had been under some pressure since 2011 when oil and copper started experiencing a sharp fall in the prices.