PM: Foreign Reserves Sufficient

By : The National

THE country’s foreign reserves are sufficient for 10 months of total import cover, Prime Minister Peter O’Neill says.

He said the government was aware of concerns that confronted the business community.

One of these, O’Neill highlighted at a business breakfast in Port Moresby last week, was the availability of the foreign exchange.

“The concerns that confronts business houses today are known to our government, we know businesshouses want to know how government addresses issues such as foreign exchange, how to maintain stability in the growth of the economic and we understand that these concerns are very genuine,” he said.

“Especially the impact of availability of forex has in your business.

“The Bank of Papua New Guinea continues to have our full confidence, and I believe that they are managing this issue responsibly.

“The bank’s intervention in the foreign exchange market has been sensible.

“Foreign reserves are currently sufficient for 10 months of total import cover. Our government hears the concerns that have been raised by businesses, and we are working to ease these pressures to ensure this issue is attended to in a timely manner.

“We are also redoubling our efforts to bring online major impact projects in our country.

“These projects will positively impact foreign exchange reserves. They will also deliver much-needed jobs for our people and reliable contracts for our businesses.

“Companies, including ExxonMobil, Total and Oil Search, continue to maintain the highest confidence in our oil and gas sector.

“Other investments are coming online, particularly in the mining sector.

“The government is fully committed to these developments and the number of others at various stages of advancement and approval processes.

“Engagement with the business community has always been a priority of our government and this will continue.

“We know that maintaining political stability is key element in maintaining business confidence.”

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