Fueled by the non-payment of MPs wages, Mr Basil who is deputy leader of opposition said: “This is very irresponsible of the O’Neill-Dion Government.
How can a large entourage go on what can be described as an expensive globe-trotting trip to China and Russia when the nation is still stunned by a half year report of over a half million kina deficit?
“Depressed commodity prices resulted in loss of revenue but Prime Minister O’Neill cannot explain away the fact that there has been an over expenditure of K120 million that added to the K513.2 million.
“And on top of this, what is this report of borrowings of K5 billion for infrastructure? Does the Government know the implications of this on the high liquidity within the commercial banks in addition to the PNG LNG Project construction phase?”
Mr Basil said that the Government should be focused on reining in expenditure instead of running wild on a spending spree.
“This is time for belt-tightening yet the O’Neill-Dion Government seem hell-bent on spending the country into an abyss of debt – and borrowing to feed this habit.
“I fear that much of our future revenue – from the PNG LNG Projects and new upcoming mining and petroleum projects will be mortgaged to pay for this loan.
“We are not only living beyond our means but living off the future revenues meant for the future welfare and well-being of our children and grandchildren,” the Deputy Leader of Opposition said.
Approved for Release
SAM BASIL MP, Deputy Leader of Opposition