PNGBLOGS

The Member for Moresby North-West, Sir Mekere Morauta, said today that the International Monetary Fund Article IV Summary Report was a timely wake-up call for the Government and that he hoped the Supplementary Budget to be brought down in Parliament this sitting would deal with the issues raised. He said the Supplementary Budget should be the start of a long journey to repair the Budget and public finances and lay the foundation for sustainable growth, especially in the non-mining sector. The IMF pointed out that the 2017 fiscal deficit would need to be reduced significantly, but that further reductions would need to occur in future years. It also said that the Government needed to stop borrowing and printing money, reduce liquidity in the system – which means reduce expenditure and that it needed to urgently address the foreign exchange shortages and allow the kina some measure of flexibility to determine its own value in terms of other currencies. Sir Mekere said people shou

by PAUL FLANAGAN The press release from the latest mission of the world’s International Monetary Fund (IMF) – see here – highlights the difficult road ahead for PNG in dealing with recent years of bad luck and economic mismanagement. Challenges On the fiscal front, the IMF considers that the government will fail in the Supplementary Budget to bring the 2017 budget deficit back to the target of 2.5% of GDP. Rather, it estimates the deficit will be “a little over 3%” – so a gap of some K370 million relative to the 100-day target. The goal to reduce the debt to GDP ratio back to the legislated level of 30% as part of the 2017 Supplementary Budget is also recognized as infeasible. Instead, the suggestion is a medium-term objective of moving to a balanced budget by 2020 (and GDP growth will work to reduce the ratio). So the first two targets in new Treasurer Abel’s 100-day plan are likely to fail. Expected growth is also wound back from the 2.7% estimate in 2017 down to 2.4%.

by  Mykalg Walghe PNG has recently joined the few elite and prestige club of oil and gas producing countries in the world comprising of both developed ( US) and developing (South American & Arab Countries) as a significant producer of oil and gas and we as a nation should be proud of the achievement and classification of our country as such. With the very first discovery, production and export of Kutubu and Gobe Oil and the very recent production and export of the multi-billion Kina LNG and two new LNG ( Papua and Elk & Antelope) Projects in the pipeline to be developed soon, PNG is held in high regard by both petroleum investors as well as consumers of oil and gas the world over, making it one of the best and viable hydrocarbon investment destinations in the world. One determining factor that makes hydrocarbon investment and for that matter mineral investment in PNG more attractive is the legislative regime that governs these sectors which favors foreign investors mor

by PAUL FLANAGAN 16 September 2017 marks PNG’s 42nd anniversary of Independence. How have things been going? A good benchmark for measuring progress is PNG’s Vision 2050 document. This sets out a blueprint for making PNG “a Smart, Wise, Happy and Fair Society by 2050”. The Vision’s primary measurement indicator is “We will be ranked in the top 50 in the United Nations Human Development Index by 2050”. So how is PNG going towards meeting this goal? The following graph shows PNG’s progress in improving its Human Development Index (this is a composite index of factors such as life expectancy, education, and incomes). Since the 2050 Vision document was released in 2010, PNG had its lowest rate of improvement since 1990. After doing well in the early 90s and during the 2000s, PNG has gone back to even worst rates of development than in the disastrous late 1990s. To meet the goal of being in the top 50, PNG needs to move from its 154th ranking of 188 countries in 2010 and jump

by DAVID LEPI Behind this charming and unfailing gracious persona lies a shrewd and unflinching calculative mind. A mind of a brilliant and accomplished political tactician the country has ever seen. Peter Parre O’Neill is the maker and breaker of political parties, a mover and a shaker of political will and even those whims of titanium craftily engineered by the seasoned and well-placed hands that many thought wouldn’t stand the test of the boy from Ialibu/Pangia’s political ingenuity. Born to Brian O'Neill, an Australian-born magistrate of partial Irish descent and local mother Awambo Yari, from Pangia Southern Highlands. In Parre’s veins run 'Kamari'- the blood of those destined for higher callings. O'Neill was educated at the Pangia Primary School, Ialibu High School, and Goroka High School. After leaving the school he was educated at the University of Papua New Guinea, graduating with a Bachelor of Accountancy and Commerce in 1986. O’Niell's tentacle

by  IVAN KEAS CPA Introduction PNG is a growing economy in market and business and it’s not limited in its investment capacity. It is open and wide that can efficiently allocate and distribute investment resource within its system. The West Minister Government and the Indigenous values have resembled this attributable development trait that complements the structure to adapt well with relative ease and it’s been appreciated as an integrated enabling cross-cutting culture that posses commercial and economic respect. The values have held the tenets of our democracy and loyalty to our heritage that affirms Human to be a distinguishable creature. We hold this truth as it stood the test of time in our Constitution. Papua New Guineas do not have any problem with its People, System, and Economy. She is young, cute, virgin, wealthy, rich, energetic, adventurous and attractive because of its beauty and its people. Notably, PNG Economy is an interdependent economy and majorly generates

by DON POMB POLYE My fellow PNGeans! Let me express to you all my profound gratitude for your steadfast solidarity to me during the 2017 elections and my 15 years as a member of your Parliament! My seat was robbed but my leadership is God-given which I love to play in any position or status my creator places me! My loss, thence suffering, or, my win thus rejoicing, and whatever, that befalls me is all to illustrate God's purpose in the humanity of our young nationhood. Every one of us was designed and manufactured through the assembly line of life experiences to live and fulfil the purpose of our Maker! Our God! Our personal seasonal experiences in life are allowed us to test our steadfastness in living uprightly and Godly. Living in uprightness and Godliness, in Practicably and genuinely combating all forms of evils, threats and set - backs to what is good and righteous are God"s Purpose!!! Everyone in PNG was created to live and promote this purpose...and non-other