O'LIAR EXPOSED AGAIN IN 2016 BUDGET - TOTAL SPENDING CUT BY 8% - OLGETA MONI IGO WE?
Peter O’Steal, the biggest liar, thief and konman in PNG history, has been exposed again by new facts revealed about the 2016 Budget.
He said the 2016 money plan was “a conservative budget that carefully manages spending to ensure essential services are delivered to the people. Core services for our grassroots including school fees and access to healthcare will continue to be properly funded.
“Our law and order programs will continue with more funding for police, the courts and correctional services.
“Funding for critical infrastructure will be maintained in order to provide ongoing stimulus for business and for job creation.”
Each and every one of these statements by O’Steal is a lie, as shown by the latest economic research by the prestigious Lowy Institute in Sydney.
THE FACTS ABOUT PETER O’STEAL’S LIES
Core services for grassroots have in fact been savagely cut because of O’Steal’s corruption, waste and mismanagement.
Education spending in the 2016 Budget has been cut by 20% from K1.55 billion to K1.23 billion, and a similar cut is planned in the 217 Budget.
Transport spending – roads, bridges, wharves, airstrips - has been cut by 25% from K1.58 billion to K1.11 billion. O’Steal plans an even bigger cut of 31% in the 2017 Budget.
Law and justice has been cut by 6% from K1.24 billion to K1.11 billion. An even bigger cut of 19% is planned in the 2017 Budget.
Health has been cut by 1% from 1.49 billion to K1.47 billion. O’Steal is planning a huge cut of 40% in health spending in the 2017 Budget.
In total, spending has been cut by 8% for 2016.
Even worse, O’Steal is planning an even bigger spending cut of 10% in 2017 because of the Prime Minister’s corruption, waste and mismanagement of the economy and Government finances.
The major reason for the huge cuts to core services to the grassroots is O’Steal’s reckless and illegal overseas borrowings, notably the UBS debt of K3 billion.
Debt service (repayment of loans) has risen a massive 23% from K1.13 billion in 2015 to K1.4 billion in 2016.
The Prime Minister is also telling lies about economic growth.
He said: "The Government is doing everything possible to maintain the growth of our economy, growth means jobs, jobs means food on the table for our families."
The Lowy Institute research shows that under Peter O’Steal, the economy is shrinking, not growing.
There had been steady growth of non-mining GDP, which is so essential to the village grassroots, from 204 until the moment O’Steal stole the Prime Ministership in 2011.
Under his economic and financial mismanagement, Non-GDP Growth has collapsed to an estimated 2.2% this year.
Even Total GDP, which includes the resources sector, is now predicted to collapse under O’Steal’s policies from a high of about 13% in 2014 to 10% this year, 4% next year and just over 2% up until 2020.
The drop in GDP under O’Steal means that there are fewer jobs for Papua New Guineans, not more as he claims.
According to the Bank of Papua New Guinea, employment fell by about 3% in the past 12 months, and is expected to decline even further for the rest of the year.
This disaster Budget for the grassroots comes on top of the fall in foreign reserves and the value of the kina caused by O’Steal’s corruption, waste and mismanagement of the economy and Government finances.
Foreign reserves have fallen by almost half since he stole the Prime Ministership, according to official figures from the Bank of Papua New Guinea.
The value of the kina against the US dollar has fallen by about one-third during the past two years of the O’Steal Prime Ministership.
The Lowy Institute research can be found here: