8 Jul 2004

PNG treasurer gives encouraging report on economy

8:20 am on 8 July 2004

The Papua New Guinea Treasurer, Bart Philemon, has given the country's MPs a glowing account of state of the economy.

He documented the improvements in the value of the kina, falling inflation and interest rates and improving foreign reserves.

Our correspondent Peter Niesi reports the Treasurer as saying, the stronger economy has brought benefits for the public.

"He's also addressing the critics of how this has been translated to the ordinary people, and he's saying things like prices of flour and tinned fish, and clothing and footwear have fallen; and that employment has recorded some increases in some of the key major sectors in Papua New Guinea."