The Papua New Guinea Prime Minister says the 2018 APEC (Asia-Pacific Economic Cooperation) Leaders' Summit will be hosted in a simple Pacific way and will not be expensive.
The Post Courier reports Peter O'Neill said the cost of hosting the event would be around $US38 million and not $US190 million as suggested by the Opposition.
Mr O'Neill was responding to questions from Opposition Leader Don Polye who wanted the Asia-Pacific Economic Co-operation meeting to be shelved in light of the cash flow problems the country was experiencing.
However, Mr O'Neill said the figures quoted by Mr Polye are misleading and a joke.
Three hotels are in the process of being built and cruise ships are being brought in to cater for people attending APEC.
Mr O'Neill said the main costs would be on building a facility at Ela Beach while the cruise ships would be paid for by visitors and the government would not incur unnecessary expenditure.
He said PNG was the APEC member that had not hosted a Leaders' Summit.
The Prime Minister said APEC would be attended by 50 countries that control half of the world economy as well as more than 7000 company CEOs.