O'NEILL GOVERNMENT PASSED THE 2016 BUDGET WITH MADE UP OR FALSE FIGURES, INACCURATE AND MANIPULATED DATA AND STATISTICS

by GOVERNMENT INSIDER

In a meeting with some World Bank people and some former Ausaid Consultants to PNG, this is what they had to say about PNG parliamentarians and the current government's management of the economy.

They say, 99% of our parliamentarians are economically and financial illiterate. For example; They do not have any idea about the UBS Loan or the LR Generator deal, or even the importance of the 2016 budget document, as such no one is capable of debating the nitty gritty ties of such enormous financial transactions and legislations provocatively.  They even don't care about the economic implications befalling from such decisions. Therefore PNG Parlaiment under the current regime lacks good governance. What a shame?

The other thing, they said there is no prudential Management of the PNG economy by the Peter O'Neill government, they said the current government manipulated fundamental data and statistics on the real GDP, a sign shown by the 2015 budget outcome, and the 2016 first quarter revenue shortfall by 85%, meaning: PETER O'NEILL AND HIS GOVERNMENT PASSED THE 2016 BUDGET WITH MADE UP OR FALSE FIGURES, WITH INACCURATE AND MANIPULATED DATA AND STATISTICS. The important questions is, how come they passed the budget without proper debates, it's shows how illiterate and stupid people we send into parliament in the modern world. A former consultant who worked at Treasury said, the final budget outcome is manipulated by the PM, even to the extreme of rewriting the Treasurer's speech. He advised Investors and financiers not to believe in the 2016 budget document, all figures are unreal.   Honest mi sem nogut tru,

On the DSIP/PSIP funds, these funds are used by successive governments to remain in power, or MPs don't speak up on important national issues because they are afraid of loosing the manipulated DSIP/PSIP funds, or they are illiterate on the fundamental issues for proper debate. Also these funds lack accountability but are mere political gimmick funds.

Also the 2015 budget outcome and the first quarter of 2016 does not show a prudential economic management by this government compared to 2009 and 2010. PNG consolidated and recorded debt level is 80% of GDP, this excludes domestic liabilities include unpaid bills and outstanding contract payments. Should they be included. It would be staggering 90% or more of GDP.

Well, JP Morgan, will not refinance the UBS loan, the maturity due date or 13th March 2016, grace period expires 13th June 2016. The government needs K3.2 billion to payback UBS Bank, even the government can print K3.2 billion but no foreign currency reserve to transact or move the printed money out of the country. UBS will definitely declare PNG insolvent by June 2016. UBS Bank will appoint a Receiver Manager to sale the 10.1%, Oil Search Shares, definitely they will make lose, the balance including hedging variances, taxes and liabilities will be paid from the Irrevocable Escrow Account via NPCP Power of Attorney in Singapore managed by the Liquidator will cover all costs including their fees.

Now what about the IFC USD 250 million request by the PM. Well the World Bank group was looking at some austerity measures like; Peter O'Neil and his government will be asked to among others:

1. The government will be asked to float the Kina, they say the Kina is being manipulated from the market forces
2. Do away with DSIP/PSIP indefinitely
3.  No more free Education and Health care
4 Cut 2016 Budget by 65%
5. Remove all incompetent departmental heads in Finance, Treasury and National Planning

To remain in power this government won't take on this drastic measures, such that we will be declared insolvent.

Finally,  I could read their sentiments,  the World Bank Group is hesitant to deal will Peter ONeil, the international community don't have confidence in him. They are willing to support a new government without Peter O'Neil. Should the current MPs stick to Peter O'Neill ash come May 2016, We will definitely have no country by June.

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