18 Nov 2014

PNG 2015 budget delivery hits snag

9:48 pm on 18 November 2014

Debate on Papua New Guinea's 2015 national budget has been adjourned to next week because the government didn't furnish MPs with complete documents for the budget.

Earlier, PNG's Treasurer Patrick Pruaitch presented a record 16 billion kina, or 6 billion US dollar, national budget for 2015.

The budget deficit is up by almost 30 million US dollars as the government has cut expenditure by over 400 million dollars to address the deficit blowout.

The budget includes provisions for a sovereign wealth fund to manage the large revenues expected from the landmark LNG gas project and associated developments.

It also includes a public sector review, provisions for the partial sale of various state assets such as Air Niugini and PNG Power, as well as a focus on the Extractive Industries Transparency Initiative.

There are several new tax provisions such as amendments to the Tax Act to allow government access to individual and company tax information.

Members of the Papua New Guinea government, including Treasurer Patrick Pruaitch (centre) and Prime Minister Peter O'Neill (right)

Members of the Papua New Guinea government, including Treasurer Patrick Pruaitch (centre) and Prime Minister Peter O'Neill (right) Photo: RNZ / Johnny Blades

However, the government's budget delivery hit a snag when the opposition leader Belden Namah refused to allow the budget to be passed because parts of the 2015 budget volumes have not been presented to MPs.

Debate on the budget themed Building Our Nation has been adjourned to next Tuesday while the government seeks to have the complete booklet printed.