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The spread of the deadly Coronavirus around the world will affect PNG's economy and budget.
Treasurer Ian Ling Stuckey provided his honest opinion in Parliament when responding to a question by Shadow Treasurer and member for Kandrian Gloucester Joseph Lelang, saying the spread of the virus will affect PNG's economy.
Joseph Lelang asked will the reduction in global commodity prices affects the country's economy and the budget?
"Well the short, the honest answer is yes it will, it will.
"At this stage,its early days and I think what we need to do is wait for the data to come back in and will be sitting down, I can assure you and the good shadow Treasurer that we will be monitoring this very, very closely," the Treasure responded.
Meanwhile, the World Bank has warned that the spread of the coronavirus will have a negative impact on the global economy in the first half of this year.
World Bank President, David Malpass, said the restrictions placed by countries on the free movement of air transport will affect the supply chain.
The Chinese government's preventative measures ordering the shutdown of factories and also restricting its citizens' movements to minimize the spread of the airborne disease are putting a strain on its economic growth.
The economic shock will be felt outside the borders of China.
Bilateral trade between China and Papua New Guinea complements each other.
China stands out as PNG's second-largest trading partner, importing mainly raw materials from the forestry and mining and petroleum sectors, while PNG depends on manufactured goods from China to support its economic growth.
Minister for Foreign Affairs and International Trade, Patrick Pruaitch said most of the impacts will be indirect and not easy to quantify.
He added that the impact on the country’s revenue from its agriculture, mining and petroleum exports will take time to measure.
Institute of National Affairs Executive Director, Paul Barker in an interview told NBC News, the impact of coronavirus on the local economy will not be felt right now.
Treasurer Ian Ling-Stuckey forecasts a drop in tax revenues, as an after-shock from the coronavirus in China.
He said the economic implication on the country will cover a cross-section of the economy.
Agriculture export is one of the sectors that will be affected because of the slowing down of China’s economy.
The Treasurer said a constant review will be kept on the National Budget and cash management to address any impact from China’s economy.
SOURCE: NBC NEWS PNG/PACNEWS
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