The economy will stay slow, according to NASFUND CEO Ian Tarutia, if the Wafi-Golpu project in Morobe and the P'nyang project in Western is further postponed.
During an online employer conference, Tarutia said that the announcement of the Porgera mine reopening had given the superfund hope.
“It is very positive news,” he said.
“We want to see members and employees of Porgera, associated contractors and associated employees linked to the mine reemployed so that they are able to sustain themselves, and the extended family members they are responsibly for.
“We also acknowledge that immediate impacts will not be felt at this time because of the lead time in relation to other formalities that have to be concluded.
“We see that employment numbers will remain static (but) there are opportunities for growth.”
Foreign exchange rationing, Tarutia said, was still a problem, especially for employers who had to buy from off-shore.
“And we are still cognizant that our employers may still be able to rationalise their workforce if things do not improve which may result in further job losses and unemployment which will have an impact on us.” According to Tarutia, the Covid-19 can no longer be used as a justification for not investing and increasing.
“Our focus for this year is to implement what we could not do last year,” he said.
“The Covid-19 is no longer an excuse not to do anything.
“It is here to stay.
“Accept it, adjust and get on with life and business. We want to conclude some of our outstanding legacy investments, and bring them to a successful closure, investments that have not performed, or underperformed.
“And we want to be progressive and bring in a new investment proposition, whether it be in infrastructure, telecommunication or shares equity.
“It is a challenge for our investment department but I am confident that they are able to find something.”
