Ian Ling-Stuckey

Commitment to managing debt, deficits: Treasurer

“The starting point at the time of my appointment as Treasurer on 27th of August 2019 has now been revealed as a debt to GDP ratio of 42 percent,” he said.

“The debt to GDP ratio will be reduced from 42 percent down to 38 percent in just five years. Clearly, getting debt back under control is a long-term task given the mismanagement during the ‘lost decade’.”

The Treasurer said the government was committed to working within the existing legal framework governing borrowing.

Critical economic sectors will grow: Treasurer

They will be driven by a strong performance in the communications sector and broad-based growth in the agriculture, fishing and forestry sector.

Ling-Stuckey says in 2020, real non-resource growth is projected at 3.3 percent. This is the part of the economy that actually brings greatest benefit to our people.

New expenditure rule for fiscal discipline: Treasurer

“For too many years, the vital development budget kept losing out to uncontrolled increases in wages and goods and services expenditure,” stated the Treasurer, Ian Ling-Stuckey.

“One key element of budget repair is to spend the money we have much more wisely. For too many years, the development budget has been squeezed due to rapid increases in the operational budget which covers wages and goods and services expenditure. This was a major structural problem in the budget.

Imminent review of Bank of PNG

Minister Ling-Stuckey responded to a series of questions asked by the Governor for Gulf, Chris Haiveta, in a sitting late last year.

Governor Haiveta asked the Treasury Minister on whether he was willing to undertake a review of the Act, management and the role of the Central Bank in supervising commercial banks and finance institutions to ensure they adhere to government policy.

He further asked if there will be a review of the membership of the board to allow independent, technically qualified board members rather than having industry interest groups in the board.

Treasurer encourages PNGeans to work their land

He said significant funding has been allocated to the agriculture sector, including the K200 million allocation for SMEs, which is expected to also finance agriculture SMEs.

“The government has allocated additional funding for cocoa development, coffee development, and fresh produce development,” he said.

“We’ve also set aside funding for coconut downstream processing, livestock industry development and assisting oil palm smallholders.

Time for tax crackdown: Treasurer

“We have many great businesses in PNG. Some are new and small. Some have been in PNG for decades and are large,” he said.

“I know that there are thousands of great business leaders in this country who ensure their firms invest in our country, who create jobs, who often train our people, who pay their taxes. I want to ensure that those types of businesses believe that the government creates the framework for them to thrive and survive.

Treasurer is misleading the nation, say Opposition

Shadow Treasurer Joseph Lelang made this comment in response to Ling-Stuckey’s recent press statement that accused former Prime Minister Peter O’Neill for digging a ‘very deep economic hole’.

In a recent statement, Minister for Treasury, Ian Ling-Stuckey, said after eight O’Neill years of spending well beyond our income, PNG’s debt has jumped by 248 percent per person to have reached the illegal level of over K33 billion.

PNG’s budget in ‘more fragile situation’

“While exposing the budget mismanagement of recent years, I also want to propose solutions. Proposing sensible solutions is part of the work to help retain domestic and international confidence in the strength of our economy and its enormous future possibilities,” he stated.

“As part of a multi-pronged approach to finding solutions, I met with Australian officials in Port Moresby on Wednesday 18 September to discuss how Australia could support the Government of Papua New Guinea.

Shadow Minister calls for independent audit

Ian Ling-Stuckey says there are very serious doubts about whether the people of PNG are being told the truth.

His statement follows an overview of the PNG economy by the National Statistical Office.

The NSO reported on its website that the oil sector led to a growth in the economy of K859 million in 2016.

However, in the same paragraph, it said the oil sector fell by K314 million.

PNG faces revenue shortfall: Shadow Minister

In a statement, Shadow Minister for Treasury and Finance, Ian Ling-Stuckey, said: “Based on the latest IMF oil price projections and using the figures in the 2019 Budget, PNG is facing a 2019 revenue shortfall of at least K638 million.