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PNG SHOULD BRACE FOR A LOOMING FINANCIAL CRISES - MORAUTA

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by SIR MEKERE MORAUTA   Papua New Guinea needs to take urgent action to save itself from a looming economic and financial storm, former Prime Minister Sir Mekere Morauta said today. Sir Mekere, an economist and former head of Treasury, the Bank of Papua New Guinea and other institutions, said the nation cannot continue on its present course. “The Prime Minister has had plenty of warning from his own expert advisers in Treasury and from eminent foreign institutions and observers,” Sir Mekere said. “Good senior people in Treasury have been side-lined or sacked, or shipped out if a foreigner. Anyone who raises concerns suffers personal attack from the Prime Minister. “Or, as with the peaceful protestors who gathered at Unagi Oval on 26 October, being set upon and bashed up by the Police, no doubt on orders from above. “He has ignored all advice, and now the nation is suffering the consequences.” The latest warnings come from the international ratings agency Standard & Poor’s (S