Treasurer Ian Ling-Stuckey says deficit budgeting aligned with a realistic budget can record surplus by 2027.
He says this can also reduce all sovereign debt by 2034.
Ling-Stuckey said this after the opening of a government funded K20 million Tapo bridge in the inland Rai Coast district of Madang Province.
Prime Minister James Marape was there to open the bridge with several State Ministers, Madang Governor Ramsey Pariwa, Member for Rai coast Kessy Sawang and several members of parliament.
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Prime Minister James Marape and other MPs during the opening of Tapo bridge; Source Facebook |
The Treasurer said deficit budgeting aligned with realistic plan remains the appropriate and correct strategy for economic growth.
He said the Tapo bridge construction is an example of Marape-Rosso's deficit budgeting, with good cheap concessional financing, invested into infrastructure projects.
In addition to the Tapo bridge, a further contract for K120m was awarded to Covec PNG Ltd to replace six critical bridges at Mea, Dry Wara, Bora, Gusap and Wasigo sections, which will now allow 24 hour crossings even during times of major flooding which had stopped traffic and movement of people, Ling-Stuckey said in a statement.
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