BY BEN BILUA
Gizo
WESTERN Provincial Government has established the RG 2 formula to make sure its 2022/2023 provincial budget comes to reality.
The province’s Minister of Finance, Ramrakha Talasasa said the RG 2 formula is Revenue Generation and Revenue Collection.
He said the formula came about when his team discussed how to establish a system to maximize the anticipated increase in revenue generation.
“Our government intends to approach the revenue strategy on two (2) fronts. First, we are looking at stimulating our revenue generation and secondly, strengthen our revenue collection strategy.
“It is our belief that these interventions will be the catalyst for improving our local revenue portfolio through more economic activities,” Talasasa said.
“I must acknowledge the previous regime’s efforts in also trying to tackle the issue and although it made some progress, the focus was perhaps more on utilizing existing revenue sources than on also actually providing a conducive environment for more revenue generation.
“The focus of this government will be both on revenue creation and efficient revenue collection,” he added.
Talasasa said identification of key productive sectors, invest resources and formulate relevant policy guidelines for respective sectors to provide the basis for their development in order to provide a conducive environment for more economic participation and investments is the province’s top priority.
He said the Mesepitu led governments has taken a serious reform on productive sector focusing on key sectorial reforms include proposed investments in land resources, agriculture, fisheries, tourism as well Agro-forestry.
Talasasa stressed that despite limited funding allocation compared to previous years, the government has already prioritized some of the proposed investments.
