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Papua New Guinea Fiscal Responsibility (2017 Supplementary Budget) (Amendment) Act 2017

PAPUA NEW GUINEA

Papua New Guinea Fiscal Responsibility (2017 Supplementary Budget) (Amendment) Act 2017.

No. 15^-of 2017.

Certified on: 24 NOV 2017

ARRANGEMENT OF SECTIONS.

1. Interpretation (Amendment of Section 3).
2. Principles for the sound fiscal management (Amendment of Section 4).

AN ACT

entitled

Papua New Guinea Fiscal Responsibility (2017 Supplementary Budget) (Amendment) Act 2017.

Being an Act to amend the Papua New Guinea Fiscal Responsibility Act 2006, and for related purposes,

MADE by the National Parliament to come into operation in accordance with a notice in the National Gazette by the Head of State, acting with, and in accordance with, the advice of the Minister.

1. INTERPRETATION (AMENDMENT OF SECTION 3).
Section 3 of the Principal Act is amended by adding, before the definition of "Budget", the following new definition:

" "annual non-resources primary fiscal balance" means the annual net lending or borrowing amount in fiscal accounts adjusted for interest payments, and taxes and dividends from the mining, petroleum and gas sectors;".

2. PRINCIPLES FOR THE SOUND FISCAL MANAGEMENT (AMENDMENT OF SECTION 4).
Section 4 of the Principal Act is amended by -

(a) repealing Paragraph (c) and replacing it with the following:

• "(c) Government will seek to maintain the level of general government debt between 30 and 35 per cent of the Gross Domestic Product."; and

(b) repealing Paragraph (ca) and replacing it with the following:

• "(ca) to mitigate temporary fiscal imbalances, the Government may exceed the lower boundary specified in Section 4(c), but not in excess of 35 per cent of Gross Domestic Product, having regard to existing financing capacity, other liabilities and the size of contingent liabilities; and
• (cb) the Government's medium term debt strategy (not exceeding a five-year period) is required to target a debt level commensurate with the 30 percent lower boundary specified in Section 4(c).".

(c) repealing Section 4 Paragraph (d) and replacing it with the following:

• "(d) The Government's fiscal strategy will target a zero average annual non-resource primary fiscal balance over the medium term, provided the fiscal outcomes remain consistent with Section 4(c).".

I hereby certify that the above is a fair print of the Papua New Guinea Fiscal Responsibility (2017 Supplementary Budget) (Amendment) Act 2017 which has been made by the National Parliament.

Acting Clerk the National Parliament.

24 NOV 2017

I hereby certify that the Papua New Guinea Fiscal Responsibility (2017 Supplementary Budget) (Amendment) Act 2017 was made by the National Parliament on 27 September 2017.

Speaker of the National Parliament.

24 NOV 2017