23 Dec 2014

Call for new supplementary budget in PNG

6:50 am on 23 December 2014

Papua New Guinea's opposition leader says the government should review its 2015 budget to account for impacts from the downturn in world commodity prices.

The PNG Chamber of Mines and Petroleum has been reported saying prices for gold and copper have dropped by 40 percent while it expects prices for oil to drop to about 50 percent next year.

Don Polye says the lower prices have an impact on the gas exports which recently began from PNG's landmark LNG Project.

Papua New Guinea Opposition Leader, Don Polye

Papua New Guinea Opposition Leader, Don Polye Photo: Supplied

He says the government must adjust to the lower prices in the 2015 budget to avoid a crisis.

"The government needs to review what is happening in the oil and gas market today and do the review of the 2015 budget immediately, and introduce a supplementary budget in the February session of parliament next year and present and hand down a supplementary budget, a budget that is more reflective of the current situation."

PNG's opposition leader, Don Polye.