Revenue plan to be reviewed in May
THE Pacific Financial Technical Assistance Centre will be assisting the department of finance to look at the country’s medium term revenue strategy come May.
PFTAC coordinator David Kloeden said PFTAC plays a valuable role in the financial stability of countries in the Pacific and for Papua New Guinea specifically they have been working with the government in the lead up to the country’s medium term revenue strategy.
Mr Kloeden said the PNG government has very much embraced the technical assistance PFTAC is providing with the help of the International Monetary Fund (IMF) so they are looking forward to see how this strategy will play out.
“We are going to work with the department of finance here in May on something that is called a PEFAA, Public Expenditure Financial Accountability Assessment which looks at the state of the Public Financial Management (PFM) environment and identify problems and I know there’s a lot of reform being going on in the department of finance and the treasury.
So those areas of strengths will no doubt will be identified and if there’s areas that need focus to lift services, we will lift services,”he said.
Deputy Prime Minister Charles Abel confirmed that recent IMF support in developing the country’s medium term revenue strategy was a high priority for the government following the 2017 election other financial difficulties.
“We are putting together a complimentary sheet of measures that will reserve the then declining revenue and our reliance on short term money, market debt and foreign exchanges shortages.
In addition we appreciate the technical capacity building support that has been provided in terms of bank supervision.
And the training to strengthen the midterm economic models and focus in capacity in the Bank of PNG and the treasury.
We look forward to support the fourth coming PFTAC assessment of the national state of public financial management (PMF),”he said.
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