14 Nov 2008

PNG preparing for a budget of more than four billion US dollars

6:25 pm on 14 November 2008

The Papua New Guinea Government is preparing a 4.2 billion US dollar budget for 2009, taking into account the effects of the global meltdown on the country's major revenue earners of oil, copper and gold.

The Post Courier reports the development part of the budget is likely to be just over one billion US dollars, the biggest such allocation since independence 33 years ago.

The budget is to be handed down next Tuesday in Port Moresby by Treasurer Patrick Pruaitch.

Planners have had to cut their projected revenue estimates because of the falling returns from oil, copper and gold.

The newspaper reports that the budget may include a multi million dollar allocation for a government jet.