The King and Prince of Lies Continue to mislead Papua New Guineans on the state of Economy.

by MICHAEL JOSEPH PASSINGAN

Peter O’Neill remains the King of Lies. The Prince of Lies is his teaboy Isaac Lupari. Data released this month by the Bank of Papua New Guinea shows their statements about the price PNG receives for its LNG are completely untrue. Compare these statements with the truth as revealed by the central bank in the accompanying graph: "The drop in the oil price will not affect LNG revenues as we have forward contracts in place that are set at fixed pricing formula" - Peter O’Neill, January, 2015.” “[Polye claims] that Papua New Guinea will receive substantially less income from LNG sales and this is simply not true. PNG LNG exports and prices are predominantly locked into long-term forward sales contracts. In simple terms this means that PNG will receive the same price for LNG.” Isaac Lupari, December 2014. O’Neill and Lupari have told so many lies they no longer know what truth is. Their constant lying brings the Office of the Prime Minister into disrepute and the Office of the Chief Secretary into disrepute.

For 2015 the annual repayment of official debt of K17.8 billion was K1.5 billion, it says in the O’Neill regime’s own Budget papers.

Grade 10 arithmetic tells us that is an interest rate of about 8.5%.


But Mr O’Neill has hidden large amounts of his debt from the people. THE REAL NATIONAL DEBT IS K27 billion.

This number has been confirmed by independent international reports, including International Monetary Fund’s latest report.

Repayments on PETER O’NEILL’S REAL DEBT will therefore be K2.3 billion a year at least.

But the repayments are likely to go as high as K3 billion because the Prime Minister is still looking about to borrow even more money to pay PNC’s election campaign.

All the cash bribes, slush funds, payoffs to EC officials, police, defence force and all his tricks like phony contracts to his cronies.

He is still looking for the sovereign bond issue of $US1 billion, and K10 billion from ExIm Bank of China.

Now there is news from Australia that he has refinanced the UBS-Oil Search share con deal.
This will add to PNG National Public Debt because penalty interest rates have to be paid plus a lump sum penalty.

Debt repayment under the O’Neill regime is going to be another crisis of suffering for PNG.

Repayment of debt is now higher than spending in the 2016 Budget on essential services.

It is more than Health spending of K1.5 billion, Education spending of K1.3 billion, Law and Justice spending of K1.2 billion and Transport spending of K1.2 billion.

O’Neill is giving more money to lenders, mostly foreign, than he is spending on the health and welfare of his own people.




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