Chief seeks K100m through sell-offs

Papua New Guinea's government is planning to raise more than 30-million US dollars in this year's budget through privatisation.

The Prime Minister, Sir Michael Somare ,says government interests in an oil-palm plantation, some Port Moresby buildings, and a share in the country's port authority will be sold to raise the money.

Sir Michael says the remainder of the 50-million dollars as required by the 2003 budget will be made up through sales of other smaller non-core assets.

The government's strategy on privatisation focuses on rehabilitating government-owned companies before selling them off, preferably in private-public partnerships.