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Showing posts with the label CENTRAL BANK

PLES PIG IN THE PIGGY BANK, PM RAIDS CENTRAL BANK

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by  Andrew Arthur Amendments to the Central Banking Act facilitate Marape and Ling-Stuckey drawing down K6 BILLION from the Bank of PNG to fund the 2022 Budget deficit. Before the amendments, Section 55 of the Central Bank 2000 Act gave provision for the Central Bank to provide Temporary Advances (TAF) to Government for up to K100 million. Section 55(9) clearly states that this TAF should not be used to fund a Budget deficit of the National Government. The IAG recommended that the TAF limit and purpose be retained.  https://pngcentralbankactiag.org/report/... The advice of the IAG was just window dressing and was largely ignored and instead, Treasurer and his two advisers Misty Baloiloi & Paul Flanagan have made wholesale changes to Section 55. The amendments to the Central Bank Act allow for Temporary Advances to fund the shortfall of Government revenue paving the way to print money to fund the K6 billion budget deficit.  They have changed section 55 to increase the previous K100m

THE KING OF LIARS DOES IT AGAIN!

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by MICHAEL J. PASSINGAN On 21 March, at the PNC fund-raising – also known as the greatest gathering of thieves on earth – the Prime Minister boasted about PNG having an annual GDP growth rate of 9.2%. He said Papua New Guinea’s growth rate is the envy of many world economies – “9.2% is miles better than the global average, which is about 3% or less”.  LIES LIES LIES!  PNG’s annual GDP growth rate is 4.3%, according to the 2016 Budget papers, Volume 1, Table 1, page 107. Even worse, Treasury predicts annual GDP growth to fall to less than 3% for 2017, 2018 and 2019, according to the 2016 Budget papers, Volume 1, Chart 13 page 12.  This chart also demonstrates how O’Neill has wrecked the non-mining sectors – mainly agriculture, on which 90% of the people depend for their livelihood. His mad policies and his greed have reduced non-mining GDP growth from a high of 12% per annum in 2011 to about 3% per annum now.  MORE LIES!  He also told his dinner companions - PNC konman cr