"A leopard does not change its spots" A true look at Peter O'Neill's false hope and empty promises.

I have released several comments about the never to be released 2014 as a result of much work that has been developed since the 2012 elections. My commentary provided to the people of Papua New Guinea (from the villages to the towns and everyone in between) has been done to ensure we get best economic outcomes for our country and all citizens. 

The Prime Minister in Parliament on Friday provided a disrespectful response to the questions raised which is not unusual for a Prime Minister who has had the greatest opportunity to lead this great nation, but instead has overseen the complete mismanagement of the economy for the people of Papua New Guinea. 

He further has taken action against the Opposition Leader as the questions he asked are probing and get to the heart of the matters – the Prime Minister does not tell the truth but works deals for his own personal outcome.

The Prime Minister claims that I am lying which is his usual response when he and his government get caught out on not telling the truth. So I want to provide some more detail knowing that the Prime Minister will provide his normal long winded response that ignores the issues, in fact lying himself much like the Paraka lawyer matters. Prime Minister, I hope this helps you provide real answers for the people of Papua New Guinea.

 If you cannot and only provide answers that we have all heard before (that is no response with any detail), I hope it allows the people of Papua New Guinea see that the leopard does not change its spot. The first issue where there has been no detail provided is about the Budget Date:

1. When will the 2014 Budge be handed down?
2. Why has there been a delay to the budget release?
3. Under what circumstances has the budget been delayed?

The Opposition has been exploring the detail as to what we would likely see in the budget and we believe that we have identified big problems in what was being hidden under the mismanagement of the economy while you have been watching.  You have stated that you are the centre of trust but your dictator role in controlling portfolios including that of Police Minister shows you are operating in a manner for personal gain.

What the Opposition and people of PNG need answers about include:

1. Nautilus Effect
  • Was there a contract in place for the backend rights of the State that was signed off?
  • Was the State aware of its roles and responsibilities of the backend costs?
  • Why did treasury, under the guidance of the treasurer, Hon Don Polye, seek a court order?
  • Following the court decision against the State to pay USD118M or K330M in backend costs, why did you make a statement that you needed more advice?
  • What advice was needed after the decision that was not understood before seeking the court order?
  • Has the State got the capacity to pay this money in full?
  • Where has that money come from within the budget for 2014 and what services are going to be dropped if this is not going to increase the budget deficit further?
  • What are the legal costs incurred around this matter?
  • What are the costs the State is now required to pay Nautilus and what penalty rate of interest is owed?
Prime Minister I expect you will make the comment that you and Treasury are working towards a resolution. Why was this not done by October 23 2013 to avoid a default by the State?  This is but one matter that goes to your credibility and the credibility of economic performance of PNG under your watch and the watch of the Treasurer.

2. BeMobile
  • What caused the Fiji Provident Fund to pull out of BeMobile?
  • Does BeMobile have a secured loan and what amount is that debt and which bank or lender provided that debt?
  • Did BeMobile borrow more funds after the failed Fiji transaction?
  • What amount was borrowed and what is the interest of that borrowing and the guarantees provided to get that money?
  • Are there any outstanding amounts owed that BeMobile has not paid?
  • Why did you take centre stage and control of all the positive announcements but have since distanced yourself from the bad outcome?
  • How will this failure affect our economy?
  • Having now taken control of BeMobile, why has the IPBC Managing Director signed a contract with a sister company of Digicel to supply fibre optic cable in PNG? Does a SOE entity not have the skill or ability? Does this add more pressure to SOE entities including BeMobile? Was this contract tendered and is this K100M held in the Budget or 2014.
 3. NCDC Roads
  • What is the status of the NCDC roads that you announced?
  • What is the actual funding level required?
  • Where is the money for these roads located in the 2013 and 2014 budget?
  • Was a proper tendering process conducted?
  • What are the engineering requirements in place to ensure the people don’t see money wasted on poorly constructed infrastructure?
 4. IPIC refinancing
  • Has IPIC agreed to release the Oil Search stock?
  • Who has seen IPIC from the Government?
  • If IPIC don’t agree to sell the stock back, what is your government going to do and what are you going to tell the people of PNG in not fulfilling your commitment?
  • If there is a funding shortfall, is this allocated in the budget and if not, are you admitting that the people won’t get the shares back and so you have lied about one aspect or the other?
  • The use of Ok Tedi as security has come out of treasury not the Opposition? Who from treasury is negotiating in this manner?
  • With less than 6 months until repayment, why has a funder not been chosen despite someone releasing the details of the funder’s names?
5. LNG Capital
  • What capital spending is still required by the State for the PNGLNG project?
  • Is it more or less than the K500M that the Opposition has released?
  • Is this capital in the budget or is it part or another borrowing from groups like Exim Bank?
  • How is the State going to fund and control its Interoil backend costs?
  • How certain can international funders be that the State under your watch don’t default against this commitment?
6. Exim Bank Loan
  • Provide the details as to what has been agreed about the amounts and which party agreed them?
  • How long is the loan and what interest rate is being charged?
  • Has any money been given to PNG yet from this loan?
  • How does this loan create opportunity for the PNG economy and PNG companies to provide services to these contracts?
7. Sovereign default costs
  • What amount in the budget will be allocated to higher interest costs given that your government is not paying its debt?
  • Who is advising the government, treasury and central bank on these matters?
  • Why are you prepared to lie to all parties dealing with PNG about the reality of what you and your government has not done around the financial mismanagement?
  • What is the credit rating effect on the State?
Prime Minister, you and your Treasurer and the Gov of Central Bank have led a massive financial mismanagement of our great nation. You have tried to scare the country to give you uncontrolled power with economic uncertainty. An example is the publicised “Dutch disease”. What you and the Treasurer and Gov of Central Bank have said is you are guarding against this economic issue.

But fundamentals are not understood by your team and the nation has not seen rampant inflation and a spiking Kina. In fact we have seen the opposite and the massive Kina fall is a result of bad economic management. The Gov of the central bank and Treasurer have been issuing more and more treasury bills. Under what legislation have these been issued given your changes to current legislation to hide your past lies?

How much of the Treasury Bills have been used to repay existing debt thereby increasing the current debt? Prime Minister the more you say everyone else is lying and you are telling the truth, the more your lies are going to be uncovered.

A leopard does not change his spots.

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