Photo Credit: EMTV Online
The government has improved its economic management to ensure that billions in concessional discoveries are brought into the country to help alleviate the country's currency problems.
In a recent speech to Parliament, Treasurer Ian Ling-Stuckey stated. that the government is now attempting to assist businesses in creating a favourable climate.
“Businesses have stated that their greatest barrier is a lack of foreign exchange.
We are implementing short and longer-term actions, to deal with this issue.
“Our better economic management, means we have been able to attract billions, in extremely concessional funding, which has massively lifted our allowed a major clearance of outstanding, foreign exchange orders in the June quarter,” he said.
The Treasurer stated that one of the key reasons for the reform of the Central Banking Act is the issue of Forex.
“We are supporting new areas of growth, through our economic philosophy focused on the agriculture, fishing, forestry and other non-resource sectors. In agriculture, there are practical actions, such as the K111million to local agriculture activities under the COVID-19 response.
“We are working, at reinvigorating commodity boards, supporting the Livestock Development Corporation to grow our cattle industry, including to feed into Ox and Palm production, and supporting the kokonas industry, to shift into white copra and downstream processing of pure coconut oil,” he said.
“We are also being innovative and looking at new growth opportunities.
This includes strong support for labour mobility programs, which could easily generate more domestic income and net export receipts, than even the PNG LNG project.”
Reference: Post-Courier (9 September 2021). “Govt Aims For Smarter Business Environment”.
