PNG Trea­surer de­fends non-cash com­po­nent of bud­get

Fiji Sun - - World News -

Port Moresby: Pa­pua New Guinea’s Trea­surer Pa­trick Pru­aitch says the Op­po­si­tion has misun­der­stood the bud­get ap­pro­pri­a­tions bill. The Op­po­si­tion was seek­ing a court in­ter­pre­ta­tion of what it claims are in­con­sis­ten­cies in the fig­ures in the 2017 bud­get pa­pers and the ap­pro­pri­a­tion bill. The op­po­si­tion had ze­roed in on US$2.6 bil­lion (FJ$5.33bn) it said was not fig­ured into the ini­tial bud­get pre­sen­ta­tion. Mr Pru­aitch how­ever said this was a short term pub­lic sec­tor debt that needed to be rolled over in 2017. He said in ac­count­ing terms it’s called the “non-cash com­po­nent” and in­cludes al­most $US600 mil­lion in new debt to be funded in the bud­get deficit next year. RNZI

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