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Bougainville will need at least K300 million (US$88 million) a year to be an independent nation, and right now it is generating only K20 million (US$5.8 million) revenue a year, Sir Puka Temu said.
And the Bougainville Affairs Minister said this will be a major issue both the national and Bougainville governments had been addressing and would further address in the coming months and years.
“We still need to look at vital issues of institutional building, infrastructure building, economic activities, these we are putting in the 2020 Budget so the Budget continues,” he said.
“Bougainville generates K20 million (US$5.8 million) a year and studies have shown that an independent Bougainville State, or nation, will need K250 to K300 million (US$73.5 million) - US$88 million) a year.
“But other studies have projected that Bougainville will need K500 million (US$147 million) a year to run its independent nation.
“We are making K20 million (US$5.8 million) a year now, and this is one of the major awareness that we are carrying out right now and also addressing.
“It’s a negotiated new relationship.
“We are now looking at a transitional arrangement where ABG will do a transitional arrangement and preparing a way forward for 10 to 15 years.
“But with all this politics, we are also carving out an economic package, because that’s important. Economic independence is important,” Sir Puka, added that they were negotiating with “our friends what would be a suitable economic package for the next five to 10 years,” he said.
SOURCE: POST COURIER/PACNEWS
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