Thursday, 25 April, 2024
Five businesses affected by the January 10 riots , received Government funding support on Wednesday 24 April. L-R: Zheng Cheng Yu – Manager, Lucky Horse Trading Limited, Md. Simon Ahmed – Retail Manager, Asha Enterprise Limited, Janice Chin – General Manager – TC Company Limited, Rio Fiocco, President, Port Moresby Chamber of Commerce, Deborah Mabone – Accounts Assistant, Sinowell International Limited, Chief Secretary Ivan Pomaleu, Rippon Mia – Managing Director, Asha Enterprise Limited and Ting Siew Chin – Managing Director, AXC Enterprise Limited. (photo credit: PM’s Media).
The Chief Secretary to Government, Ivan Pomaleu has launched a comprehensive Relief Package, aimed at aiding affected businesses and revitalizing economic activity, following the events of Wednesday 10 January 2024.
The Relief Package, which comprises a range of measures, including cash assistance, concessional loans, and administrative and policy support, with a focus on expediting relief efforts and facilitating the recovery process.
The National Government swiftly implemented policy interventions to stabilize the riot situation, declaring a State of Emergency in January, and initiating key policy decisions to restore normalcy for both the public and affected businesses.
Three companies had already received employee retention packages, marking the onset of the first phase, with additional claims being processed by the Inter-agency Task Force, headed by Chief Secretary Pomaleu.
The Government’s support initiatives are structured into immediate-to-medium-long-term assistance, categorized as Cash Assistance and Soft Loan Assistance.
The phased program is outlined as follows:
- Immediate Support (3 April – 3 May, 2024): Employee Wages Support.
- Medium-term Support (6 – 7 May, 2024): Removal of Debris/Cleaning.
- Long-term Support (May – December, 2024): Restoration, Restocking & Reconstruction.
The Inter-agency Task Force has already progressed the first phase of this endeavour, providing crucial support to impacted companies.
To facilitate seamless support flow and expedite business restoration, the government has agreed to write-off procedural costs associated with relief arrangements:
Key Relief Measures: ·
- Red-Tape Reduction: A dedicated Inter-Agency Task Force has been established to streamline regulatory processes.
- Cash Support: Affected companies are receiving six (6) months of salary support, including superannuation, with additional assistance for debris removal and reconstruction.
- Concessional Loan Support: Funding allocated to the National Development Bank, with government guarantees, will facilitate concessional loans for rebuilding efforts ·
- Administrative Support: NCDC and municipal authorities are implementing the Express Lane process to expedite building approvals.
- IRC Support: Various forms of assistance, including tax re-estimations and expedited GST refunds, are being offered by the Internal Revenue Commission.
- Customs and Insurance Support: Waivers on customs duties and efforts to enhance insurance industry regulation aim to alleviate financial burdens on businesses.
Emphasizing accountability, the government has mandated rigorous monitoring, evaluation and auditing mechanisms to ensure transparent resource utilization under the Relief Package.
Chief Secretary Pomaleu expressed confidence about the transformative impact of the Relief Package, reaffirming the government’s commitment to supporting the business community during the challenging times.
He added that as the first phase nears its conclusion, affected businesses are encouraged to avail themselves of the support provided under the Relief Package.
Through collaboration efforts, the government and the business community aim to overcome adversity and pave the way for sustainable development.
For further inquiries, please contact the Task Force Secretariat on: 301 9268 or email via: tiara_dani@pmnec.gov.pg