20 Nov 2013

PNG Govt to direct more funding to four main centres

9:15 am on 20 November 2013

Papua New Guinea's government has announced plans to direct more funding towards establishing four main centres as hubs for the country's future growth.

Treasurer Don Polye yesterday delivered a national budget of 15 billion kina, or 5.6 billion US dollars for 2014 - up two billion kina from the 2013 budget.

The 2014 budget factors in a deficit of 2.3 billion kina, or nearly 6 percent of GDP.

Over 300 million US dollars will be directed towards building up Port Moresby, Mt Hagen, Lae and Kokopo as major focal points for commerce, agriculture, industry and tourism respectively.

Nationally, infrastructure is the area of the most budgeted funds with over a billion US dollars in total.

560 million dollars is to be spent on education, 530 million on the health sector, and 490 million on law and order.

Meanwhile, Don Polye has forecast growth of 6.2% for PNG in 2014.