Chief Secretary to Government, Mr. Ivan Pomaleu, OBE is pleased to announced the presentation of the K7 million cheque payment, under phase 3 of the current government assistance program to the Brian Bell Group of Companies.
This payment is for the damages incurred and loss of properties and assets of Brian Bell Group of Companies and other affected companies or business houses, during the aftermath of ‘Black Wednesday’ riots and civil uprising on January 10th 2024 in Port Moresby.
Chief Secretary Pomaleu wish to thank Brian Bell and other affected companies for their long awaited patience with the government for this Government Assistance Program.
Mr. Pomaleu has assured few other companies who are also expecting payments under this phase of the assistance program that the Government is serious and committed to assist with funds once the Department of Finance provides appropriate clearances to facilitate the payments.
“I assure you that the Government will continue to work closely with you and all other affected companies to provide necessary support where necessary under the current assistance program,” he said.
The Chief Secretary has highlighted that the Government’s Assistance Program is comprehensive and on-going. He explained the program comprised of both cash as well as policy and administrative support to the affected and qualified companies.
The Government’s Assistance Program comprised of five phases which are as follows:
1. Phase 1: Direct Salary support for the qualified company employs for six months
2. Phase 2: Debris Removal
3. Phase 3: Restocking and construction
4. Phase4: Concession Loan support with the National Development Bank and selected commercial banks; and
5. Phase 5: Policy and Administrative support
“To implement the Assistance Program, the National Executive Council (NEC) has approved K270 million. Of this amount, K50 million was released in mid-2024 to implement phase one and two of the program, while the second tranche of K50 million was released in December 2024 to implement phase three of the program,” he said.
Brian Bell is a beneficiary of the second tranche of the K50 million. This payment is only a partial payment of the total claim that Brian Bell has submitted.
In addition, the Chief Secretary has assured Brian Bell that the Government is adamant to support and will continue to work closely with them as well as other eligible companies under phase four of the program.
“We are awaiting further funding to complete phase three and four of the program, and also park some of the funds with the National Development Bank and other selected commercial banks to facilitate concessional loan arrangements under this program,” he said.
Mr Pomaleu has confirmed that they had already established a dialogue with the National Development Bank which is at the advance stage to facilitate and implement this aspect of the program.
Meanwhile, phase five of the program is already in progress. As an important aspect of this program, the Central Bank has created an Express Lane for the qualified companies for their Foreign Exchange requirements. In addition, similar arrangements are in operation with the IRC and Customs, as well as NCDC for building board approvals for reconstruction purposes.
The Chief Secretary reaffirmed that through this assistance, many companies have either fully or partially recommenced their operations. Others are yet to recommence their operations due to severity of the damages they suffered.
“I wish to take this opportunity to reassure the affected business houses, as well as the business community, of the government’s undivided commitment and support to ensure that the affected companies restore their normal operations, and restore normal services back to the communities under the current government assistance program,” the Chief Secretary said.