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PNG IS NOW LOOKING MORE LIKE A FAILED STATE - TREASURY MINISTER PATRICK PRUAITCH

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Speaking to the Sunday Chronicles, Treasurer Patrick Pruaitch made the following statements. 1. PNG will have budget deficits for next 5 years; 2. PNG govt borrowed up to K21.6 billion excessive borrowing; 3. Formal sector jobs have fallen since 2014; 4. K3 billion govt borrowing to buy Oil Search shares hidden in Kumul Holdings books; 5. Govt owned entities such as PNG Power, PNG Ports, Telikom, Air Niugini, NAC, Eda Ranu, etc owed millions by govt and struggling to exist even to pay their employees' salaries; 6. PNG Embassies in overseas whose staff are not paid their salaries for 10 months. As a result their children kicked out of schools and offices closed for non payment of rentals; 7. PNG LNG Landowners after 3 years of Spirit of Hela making shipment gas to Asian markets not even a toea is paid as a royalty to landowners; 8. Spending in extravagant projects built at highly inflated costs; 9. Employers reducing their staff level because foreign exchange crises; 10. In