16 Nov 2006

PNG Chamber of Commerce reasonably happy with 2007 budget

11:49 am on 16 November 2006

The president of Papua New Guinea's Chamber of Commerce, Michael Mayberry, says he's glad to see the government has delivered the new budget within its means.

The treasurer Sir Rabbie Namaliu yesterday handed down a 2.1 billion US dollar 2007 Budget.

High gains from commodity prices have prompted the Somare government to introduce for the first time two supplementary budgets totalling 384 million US dollars.

Mr Mayberry says the business community has been looking for the government to live within its means, a policy which they've adopted.

He says they still feel the PNG economy is fragile, substantial progress has been made...

"Because we've had these windfall gains but there was a lot to fix up. And in many ways because the government's adopted this policy, our foreign currency has been reasonably stable. We've got low interest - around five percent - so this has all been very good for the economy."

The president of PNG Chamber of Commerce, Michael Mayberry.