7 Aug 2017

PNG Treasurer seeks sustainable long-term economy

8:38 am on 7 August 2017

Papua New Guinea's new Treasurer says he wants to lay foundations for a more sustainable economy in the longer term.

Charles Abel, MP for Alotau in Papua new Guinea.

Charles Abel, MP for Alotau in Papua new Guinea. Photo: The National

Charles Abel has been appointed Treasurer by Prime Minister Peter O'Neill who was re-elected as PNG's tenth parliament began this week.

He has indicated plans to revisit processes around procurement for public contracts and investments in infrastructure.

Treasury this week released its Mid-year Economic and Fiscal Outlook which revealed a budget blowout of more than $US309 million amid collapsed revenues and higher than expected expenditure.

Mr Abel said he will soon announce a 100-day plan on management of the economy.

"There are concerns around our revenue streams and fulfilling the existing budget and the status of our deficit and so on. There's certainly some challenging times ahead, but we intend as an in-coming government to put the issues around managing the economy first and foremost on the list."

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