Spending cuts

PAPUA New Guinea’s government has introduced deep spending cuts in a supplementary budget handed down on Friday. The treasurer, Ian Ling-Stuckey, told Parliament the country’s books were in a $US1.4 billion ($F3.08b) deficit, as he announced $400 million worth of cuts. The country’s debt to GDP ratio was also announced at 39.8 per cent, well above the legal limit of 35 per cent.