Treasurer Ian-Ling Stuckey believes strengthening the resource sector is a vital key in building a stronger economy. The Treasurer stated that since independence, the country has built on its major mining portfolio to add petroleum assets at the turn of the century, and more recently LNG assets. “The resource sector is a critical part of the PNG economy." "Currently, the resources sector accounts for some 25 per cent, or one-quarter of the economy." "As Treasurer, I must foster the development of this area of the economy, including strengthening the way the benefits are shared with PNG.” Ling-Stuckey said that the Government has been keeping an ear out for the concerns of the business community on foreign exchange shortages, a massive problem that he said was created by poor decisions made in 2014. He assured that with new leadership in the central bank, Treasury will be working closely to return the Kina to full convertibility. “The first step to fixing a problem is admitting there is one." "The aim is to return back to full Kina convertibility, where PNG citizens must be able to convert their Kina to any currency in the world, up to any amount, at any time.” According to Ling-Stuckey, a slow depreciation has commenced against the US dollar, although there has been an appreciation against other currencies. At the moment, the Treasury’s current focus is to getting rid of delays for import orders, as this has been the greatest barrier to growth. “More foreign exchange is being released into the market. Initially, back in 2021, the agreement between the IMF and BPNG, with full government support, was to increase the release of foreign exchange to the market of $US50 million per month." "With government encouragement, this has been increased to $US100 per month during 2023.” Ling-Stuckey added that from 2024, a new arrangement that puts a cap on the level of outstanding foreign exchange import orders. “This cap it K150 million at the end of March, falling to K75 million by the end of the year. What does this mean in practice? At the end of September 2023, the level of these outstanding import orders at just one of our banks totalled K854 million.” “The new arrangements, with a cap of K150 million, would have required the release of about K700 mil. Given the current policy of releasing a minimum of K360mil per month, in this example there would be a release of an additional K340mil on top of the K360mil.” He highlighted extraordinary growth expected in the country’s economy, even before the inclusion of the expected new foreign investment projects. Up to K200 billion by 2031, K300 billion by 2035, and a K1 trillion economy by 2048. “Linked to all of the hard work and disciplined approach of budget repair, reconstruction and better economic reforms, the Marape-Rosso government have a vision to make PNG the economic hub between the Pacific and wider Asian region." "This will strengthen our growth prospects even further.”