31 May 2014

PNG revenue to rocket, says Treasurer

10:41 am on 31 May 2014

Papua New Guinea's Treasurer Patrick Pruaitch has stated that the nation's revenue will grow by around 3 to 4 billion US dollars in a full calendar year.

Mr Pruaitch says that PNG's economy is anticipated to grow by a record 21%, making it one of the fastest growing economies in the world.

Papua New Guinea's capital, Port Moresby

Papua New Guinea's capital, Port Moresby Photo: RNZI / Johnny Blades

Construction of the ExxonMobil-led LNG project, which has just begun production, has been credited with underpinning PNG's significant economic growth in the past four years.

Mr Pruaitch says the expected revenue flows from the project in the coming years will greatly boost PNG's balance of trade with the inflow of US dollars from LNG exports contributing to the strengthening of the kina.

The kina has been in decline since late last year as the construction phase of the project wound down.