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Showing posts with the label Bank of PNG

IS HISTORY REPEATING ITSELF UNDER PNC LED GOVERNMENT?

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by BRYAN KRAMER I came across an article and research paper by Dr Bill Standish Consultant, Foreign Affairs, Defence and Trade Group published back 1999. I've pasted a number of extracts from the article that interestingly enough are very much relevant today. CRISIS OF GOVERNMENT: THE SKATE ERA The Skate Government attracted international attention after its most senior ministers were videotaped discussing bribery and thuggery; and other personal scandals shocked the PNG community. Catholic bishops warned of popular revolt against declining levels of government services and increasing social misery and crime. It appeared that the independence of the Central Bank and the Judiciary had been seriously compromised. Having pushed through his harsh yet partly unfunded 1999 Budget, on 4 December 1998 Mr Skate used his numbers to adjourn PNG's National Parliament for over seven months. The effect of this was to delay by five months a motion of no-confidence which the Opp

IMPLICATIONS OF THE Sovereign Community Infrastructure Treasury Bills (SCITB)

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NATIONAL RESEARCH INSTITUTE An advertisement by NASFUND’s Board of Directors on 8th June on the issuance of Sovereign Community Infrastructure Treasury Bills (SCITB) relating to projects in Kokopo District, has raised more questions than answers. The National Research Institute which is mandated to carry out research, analyze policy issues and propose ideas affecting the development of PNG, maintains that the issuance of the ‘Kokopo Community Infrastructure Treasury Bill’ and the arrangements for the expenditure of these funds is illegal. This article serves to inform and create debate and discussion among the wider public for a better understanding of the implications of the SCITB. It also calls on responsible authorities to clarify and take appropriate action. Legality of Borrowing The National Parliament is the approving authority for any forms of borrowing and loans negotiated and taken out by the Executive Government. The Executive Government draws up a mo