The Ministry of Treasury has released a statement saying that businesses have identified foreign exchange shortages as the greatest barrier in doing business in PNG. Treasurer Ian Ling-Stuckey stated that a bigger problem that law-and-order issues, power shortages or lack of a skilled workforce. Ling-Stuckey stated that this is why the Government wants to return to full Kina convertibility so that our currency has full standing in the international community. He added that it is embarrassing that the Kina is facing barriers all around the world, whether in trade and travel overseas. “This is why we are continuing discussions with PNG businesses as well as international organisations on the best way forward for PNG.” “Prior to 2014, the Kina could be freely traded. Bad decisions were made by PNC as it tried to deal with its mishandling of the PNG LNG project and the fall in oil prices.” Ling-Stuckey stated that these had led to disastrous consequences for the budget. “Deep debt and deficit holes created adding that bad decisions on the value of the Kina started the inevitable pattern of foreign exchange shortages the country is experiencing today.” “The Marape-Rosso government is working to fix this mess.” “It has already increased by 300 per cent the release of foreign exchange into the market, from USD30 million per month to USD100 million per month.” The Treasurer said this is only possible because of the country’s shift to securing good, cheap, concessional financing and has asked the IMF and others for advice on how we can best return to full Kina convertibility, as well as increased flexibility in our currency. He added that the Government is going through consultations internally and externally to try and sort out what is best for PNG.