Marape says PNG's prospects now look strong
02 September 2022
“I want to warn the country about ‘lazy man expectations’ that money from oil, gas and mining would be a permanent solution for our economy; far from it” – James Marape
JAMES MARAPE MP
| James Marape News Page | Edited
WAIGANI – The story of Papua New Guinea is not bad as many people make it out to be.
By 2027, the Budget will be in surplus and by the mid-2030s PNG will have paid its total sovereign debt on the way to becoming a K200 billion economy.
I welcome the 2022 Mid-Year Economic and Fiscal Outlook (MYEFO) presented by Treasurer Ian Ling-Stuckey which highlights that the PNG economy is on the rebound.
The latest MYEFO figures have the economy growing by the largest kina amount in history – from K82.6 billion in 2020 to K92.6 billion in 2021 and K110.3 billion in 2022.
That 33% increase in the economy over the last two years is more than double the increase when the PNG LNG Project started.
So at the macro level, the story of our country is not bad.
Our country has been travelling on a positive road thus far.
I commend Treasurer Ling-Stuckey for a sterling performance over the last three hard years.
Despite many criticisms, he has ensured our short-term measures to keep MV PNG floating in tough waters are paying off.
Over the last three years, we have climbed from a K79.6 billion economy to an International Monetary Fund forecast of K110 billion by the end of this year.
As far as our economic expansion is concerned, the thermometer is rising while similar countries have regressed.
However, there is a lot more work to be done by everyone in the country.
The Porgera mine, P’nyang LNG, Papua LNG, Pasca LNG and Wafi-Golpu mine should be progressed as a matter of urgency.
We will make a concerted effort to consult all landowners and all provincial governments in Gulf, Western and Enga provinces for these projects.
We must bring back Porgera at the earliest.
The smaller Pasca project, the easiest, lowest-hanging fruit, will be reactivated and that will hopefully by concluded soon.
And I am very keen to work with the Morobe provincial government and governor Luther Wenge on the much talked about Wafi-Golpu project.
These five projects will be progressed over the next 10 years and give us the opportunity as I have been targeting for a K200 billion economy.
I want to warn the country about ‘lazy man expectations’ that money from oil, gas and mining would be a permanent solution to our economy. Far from it.
I liken that mindset to those on steroid drugs who need boosts all the time.
The dependency on the boom-and-bust of the petroleum and mineral sector must stop and the country must shift to this sector being a sustainable part of our economy.
The hard work starts today.
Everyone must contribute to the growth of our country. When you contribute you receive services.
We must start mobilising our people to get into agriculture, forestry, fisheries and small business.
PNG economic growth according to PM James Marape, is it real or just an assumption?
In the midst of escalating law and order problems and social & economic problems, how can we measure growth if we are still suffering. Poverty and under development are real.
The government needs to address youth and unemployment problems which are a time bomb.
Foreign investments are secured if the security of our country is guaranteed. We need more security personnel including both army and army.
The ratio of police to the population is very low so how do we expect police to deal with increasing law and problems.
We need to recruit more police and army to solve the unemployment problem. Increase small and medium businesses for youth and women to earn a living.
What PM James Marape talks about is the big transnational companies and the profits the government can make, but will this benefit the poor people to improve their living standard and eradicate the high poverty level?
Posted by: Philip Kai Morre | 03 September 2022 at 09:53 PM
After all is done to improve the economy of the nation, I learn that most members of parliament are not reporting how they use district development funds.
Taxpayers are sweating out there with one-third of their hard earned cash to sustain the economy and yet falls into self-interested paper farmers and political thieves.
Can the government take this into consideration by passing a law to impose reporting from individual MPs?
Posted by: Charles Ludin | 02 September 2022 at 11:13 PM