Treasurer

Responding to the Opposition’s media statement early this week, Deputy Prime Minister and Treasurer, Charles Abel, says he believes the tariffs introduced will not have a huge impact on prices, while the long term goal is boost the local industry.

In statement released on Monday, the Shadow Treasury and Finance Minister, Ian Ling-Stuckey, said PNG families will be facing much higher prices in 2018 because of poor Government policies.

This is one of the main tax regime reforms under the 2018 Budget to identify personal bank accounts being used for business purposes.

Deputy Prime Minister and Treasurer, Charles Abel, says measures have commenced in this budget to tidy up the tax code by key institutions.

The Bank of PNG, Internal Revenue Commission, Investment Promotion Authority and commercial banks are cooperating to enforce compulsory TINs for all new and existing bank accounts.

In a meeting with provincial governors yesterday in Port Moresby, Abel said the 100-day plan was just a guide for the government to try and deal with issues in a systematic way.

Minister Abel said the plan aims to restore fiscal discipline by paring back expenditure, growing our revenue base and moving towards a better debt portfolio mix.

He said this will help address liquidity constraints for both the public sector and in the foreign exchange market.

The plan will basically try to get revenue into the Government coffers before a 2018 Budget proper is announced.

Treasurer Abel said the 100-day plan has the primary goals of demonstrating government pro-activity in ensuring sound macroeconomic and fiscal management, restoring confidence, generating investments and moving towards greater economic self-reliance.

He said while the medium term outlook is positive, the Government is determined to undertake immediate interventions after consultations with Government agencies, Development partners and the business community.

Marape issued a statement saying Patrick Pruaitch must take responsibility, as Treasurer and the chief economic minister of the O’Neill-Dion Government, who presided over the economy for the last few years, and he should not shy away for political convenience.

The Finance Minister  said this in response to the National Alliance Parliamentary Leader's public statement on the economy last Friday.

“The timing of his outburst cannot be more political than it is now as we confront  the 2017 National Elections,” the Minister said.

During a National Alliance Party event in Port Moresby on Friday, Pruiatch said the current economic strategy employed by  the coalition Government led by the Peoples National Congress has resulted in massive debt, a plunging GDP and growth rate, and a debt-to-GDP ratio myth.

NA is a major partner in the coalition Government.

Pruaitch presented these statements, witnessed by members, intending candidates, current members of Parliament, Party executives, NA founder and former Parliamentary leader Grand Chief Sir Michael Somare.

This was stated in Parliament on Wednesday October 27 by Treasurer, Patrick Pruaitch, when presenting the National Economic and Fiscal Commission Annual Reports from 2010 to 2014.

Pruaitch said function grants increased significantly from K250 million in 2010 to K520 million in 2014.

This is due to the adoption of a new inter-governmental finance system which allows for district’s to have access to more funding based on the cost of services in their districts.