BANK OF PNG PRINTING MONEY AND FUELLING CORRUPTION
The latest data released by the Bank of Papua New Guinea shows that the central bank has been printing money for the government, fuelling its wasteful spending. “The central bank has irresponsibly financed the Budget deficit, covered up and facilitated Prime Minister Peter O’Neill’s waste and mismanagement,” former Prime Minister Sir Mekere Morauta said today. “It has contributed to the growing mountain of public debt created by Mr O’Neill – in other words the central bank has colluded in the imprudent financial activities of the O’Neill Government.” In 2016, according to data in the BPNG’s Quarterly Economic Bulletin, the bank lent almost K2 billion to the Government. Net lending to the government was K800 million in December alone. The Central Bank has lent that money to the Government because there is no appetite in the private sector – commercial banks, superannuation funds and other investors - to buy its debt instruments such as T-Bills. “The new data from the Bank of Papua