22 Apr 2005

PNG government has save US$287m over last four months, says treasurer

3:37 pm on 22 April 2005

Papua New Guinea's treasurer, Bart Philemon, says the Government has saved over US$287 million in four months after drops in interest rates and improved commodity prices.

Mr Philemon revealed this in Parliament yesterday after being asked to spell out how the Government was going to spend the windfall money it earned from the sale of oil in the country.

He says under the Public Finance Management Act, 90 per cent of the total saved would go to retiring debts.