THE private sector is the key to driving long term growth – better and stronger businesses, both small and big – will be the engine room of growth, says Treasurer Ian Ling-Stuckey.
“Our better economic management means we have been able to attract billions in extremely concessional funding which has massively lifted our net foreign exchange receipts and allowed a major clearance of outstanding foreign exchange orders in the June quarter,” said Treasurer Ling-Stuckey, while outlining the Marape government’s economic vision in response to a question from Bogia MP, Mr Robert Naguri.
“In agriculture, there are practical actions such as the K111 million to local agriculture activities under the COVID-19 response. We have also created Kumul Agriculture. The previous government and its excessive focus on the resource sector meant they created Kumul Petroleum and Kumul Minerals. But they failed to create a body to help drive forward our agriculture potential.
“We are working at reinvigorating commodity boards, supporting the Livestock Development Corporation, to grow our cattle industry, including to feed into Ox and Palm production, supporting the Kokonas Industry, to shift into white copra and downstream processing of pure coconut oil.
“We are also being innovative and looking at new opportunities to grow. This includes strong support for labour mobility programs which can create huge increases in incomes and export receipts
“Strong institutions should support inclusive growth. We are working on a review of the Central Banking Act to improve BPNG’s role in monetary policy and regulation which provides the vital framework for encouraging good, cheap, safe investments. We are implementing a strong SOE reform program, working with international partners, to improve power and water supplies around the country, another key element for supporting inclusive growth.
“As we update our economic plans, taking into account the on-going devastating impacts of COVID-19 being felt around the world as the delta variant takes hold, I will provide further information on actions that are being taken through this three-pronged approach,” the Treasurer reiterated.
