Photo: James Marape
Papua New Guinea will have the financial room it needs to support the country's growth with a K200 billion economy.
Prime Minister James Marape said that since his election as Prime Minister in 2019, he had held firm on his view that PNG had the potential to transform the nation into a K200 billion economy.
“This requires that we evolve from a mindset of dependency on Government, wantoks, and foreign aid to one of economic independence, where we harness economic opportunities available in our country and invest in growth,” he said.
“Our Government’s election victory was a vote of confidence in the direction that we have taken our nation over the course of the past three years.
“We have sought to stabilise an economy shaken by global uncertainty and to bring about the budget repair. But the fact is that more needs to be done.”
In the meanwhile, Marape said that the government had been expansionist during the previous three years by adopting budget strategies to make sure that the economy was stimulated and expanded as well as sustained in its ability to provide public services and reduce debt.
“Commenting on the 2022 Budget, the National Research Institute recognised that the massive 2022 budget will contribute to stimulating the economy via spending and the subsequent effect on increasing consumer demand, consistent with the Keynesian school of thought,” he added.
“It recognises that consumer demand is vital for businesses to perform well, and to create more income and employment in the economy.”
Reference:Kuku, Rebecca. The National (24 October 2022). “K200 billion economy possible: PM”.
