PNGBLOGS

Former Prime Minister Sir Mekere Morauta said reported attempts by the Prime Minister to secretly sell valuable public assets to foreign interests, if true, are a sign of his desperation for cash to save his sinking ship. “Ad hoc decision-making like this, not as part of a comprehensive package of rescue measures, will make the nation’s problems worse and reduce the options for properly considered reconstruction in the future.” “We are virtually in the caretaker government period, at which point no significant decisions should be made, especially decisions that rob shareholders and landowners of their rights and the general public of their assets.” Sir Mekere said he had been given reliable information on three asset sales that are allegedly being negotiated behind closed doors – of the State’s 67% share in Ok Tedi Mining Ltd, the State’s 20% share in the Star Mountains Plaza hotel and 100% of APEC Haus. These sales involve very valuable assets, and the risk of selling them

by : Market Observer Recent scandal in Fiji regarding tens of Millions of 'Corporate Signage kickbacks ' contracts for  Vodafone Fiji has prompt me to asked if Bemobile has actually benefited with its 'market agreement ' with Vodafone. Since the Agreement was signed in July 2014, we have not seen any increased in quality services from Bemobile but rather fruitless attempts in branding. What also have seen is more visibility of Vodafone Branding then of Bemobile. We tend to wonder if the 'Marketing Agreement' is a Vodafone branding takeover and Bemobile being just another used vehicle by the corporate heavies who walks away with huge kickbacks and commissions for brokering this deal. It's all coming out in Fiiji, maybe ICCC might want to check on Bemobile also --- Vodafone and Bemobile announced Market Partnership agreement in PNG 10 July 2014 Vodafone Group Plc (“Vodafone”) and Bemobile Limited (trading as “bmobile”) today

by PAUL FLANAGAN The Final Budget Outcome provides surprisingly frank numbers on the O’Neill government’s inexcusably poor management of government revenues, expenditures and debt. This document confirms a budget deficit and debt blow-out during 2016. PNG has never before -even during much worse falls in commodity prices – had such an appalling string of huge budget deficits. The government has no credible path out of the budget mess. Deficit levels are getting larger, not smaller. PNG Treasury states the debt to GDP ratio is 32.6% and so exceeds the 30% limit set out in the Fiscal Responsibility Act (and using the GDP series when this benchmark was created, it is now 42.7% of GDP). As a result of the failure to manage this fiscal crisis, PNG’s debt in 2016 is 258% of its 2012 levels. This will be a painful legacy for  PNG’s future as little of the debt blow-out has been properly invested. The 2016 Supplementary Budget assumed that revenues would increase by K928 million