Post Courier, Monday 3rd October 2011
By SIMON ERORO
By SIMON ERORO
Papua New Guinea has recorded eight years of consecutive economic growth, representing the longest period of uninterrupted growth in the country’s history.
Finance and Treasury Minister Don Polye said the 2011 economy is expected to continue to grow by a very strong nine per cent, significantly higher than the eight per cent growth anticipated earlier.
Mr Polye said this is driven by higher levels of economic activity in the non-mining sector and the expected ramp up in the PNG LNG construction, investor and consumer confidence following continued macroeconomic stability as well as critical microeconomic reforms.
He said this outcome is more than double the recently released estimates for average global growth from International Monetary Fund (IMF).
“The PNG economy is doing well. We need to ensure we manage this boom, and share the benefits of the boom in a sustainable way for all the citizens of our country,” the treasurer said during the breakfast meeting for the Business Council on Friday.
“As a government, we will ensure we continue to deliver the policies that deliver the environment in which businesses can thrive.
:Job growth can be strong and the quality of life of the people of PNG can increase,” Mr Polye said.
He said PNG has benefited greatly from the increased competition in the key service sectors of economy, particularly the telecommunications, aviation and tourism sectors.
The treasurer said the Government will continue to build on these gains and closely monitor and evaluate these reforms to ensure they achieve their objectives and explore new opportunities for further reform, where necessary.
He said the government will also continue working with the business community to identify impediments to business investments.
“The government handed down a K781.8million supplementary Budget with the theme ‘sharing the benefits of economy growth with our people’ – and here spending is being shifted to important policy – driven development priority areas to invest in development of our nation and to share the benefits and opportunities of economic growth with the ordinary citizens.
“Under the previous government, the share of the development budget going to the key areas for medium term development program including education, health, infrastructure and law and justice fell from 73 percent to 53 percent and using the Supplementary Budget, we have started a process to reverse and this decline,” Mr Polye said.
Finance and Treasury Minister Don Polye said the 2011 economy is expected to continue to grow by a very strong nine per cent, significantly higher than the eight per cent growth anticipated earlier.
Mr Polye said this is driven by higher levels of economic activity in the non-mining sector and the expected ramp up in the PNG LNG construction, investor and consumer confidence following continued macroeconomic stability as well as critical microeconomic reforms.
He said this outcome is more than double the recently released estimates for average global growth from International Monetary Fund (IMF).
“The PNG economy is doing well. We need to ensure we manage this boom, and share the benefits of the boom in a sustainable way for all the citizens of our country,” the treasurer said during the breakfast meeting for the Business Council on Friday.
“As a government, we will ensure we continue to deliver the policies that deliver the environment in which businesses can thrive.
:Job growth can be strong and the quality of life of the people of PNG can increase,” Mr Polye said.
He said PNG has benefited greatly from the increased competition in the key service sectors of economy, particularly the telecommunications, aviation and tourism sectors.
The treasurer said the Government will continue to build on these gains and closely monitor and evaluate these reforms to ensure they achieve their objectives and explore new opportunities for further reform, where necessary.
He said the government will also continue working with the business community to identify impediments to business investments.
“The government handed down a K781.8million supplementary Budget with the theme ‘sharing the benefits of economy growth with our people’ – and here spending is being shifted to important policy – driven development priority areas to invest in development of our nation and to share the benefits and opportunities of economic growth with the ordinary citizens.
“Under the previous government, the share of the development budget going to the key areas for medium term development program including education, health, infrastructure and law and justice fell from 73 percent to 53 percent and using the Supplementary Budget, we have started a process to reverse and this decline,” Mr Polye said.
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