PLES PIG IN THE PIGGY BANK, PM RAIDS CENTRAL BANK
by Andrew Arthur
Amendments to the Central Banking Act facilitate Marape and Ling-Stuckey drawing down K6 BILLION from the Bank of PNG to fund the 2022 Budget deficit.
Before the amendments, Section 55 of the Central Bank 2000 Act gave provision for the Central Bank to provide Temporary Advances (TAF) to Government for up to K100 million. Section 55(9) clearly states that this TAF should not be used to fund a Budget deficit of the National Government. The IAG recommended that the TAF limit and purpose be retained. https://pngcentralbankactiag.org/report/...
The advice of the IAG was just window dressing and was largely ignored and instead, Treasurer and his two advisers Misty Baloiloi & Paul Flanagan have made wholesale changes to Section 55.
The amendments to the Central Bank Act allow for Temporary Advances to fund the shortfall of Government revenue paving the way to print money to fund the K6 billion budget deficit.
They have changed section 55 to increase the previous K100m to a massive 40% of national revenue which is K6 BILLION (2022 revenue is K18 billion x 40%) during times of National Emergency.
Papua New Guinea is still under the Pandemic Act and operates under alleged rapist, Commissioner of Police, Mr. David Manning as the Controller receiving direct instructions from Marape. We are still in a State of Health Emergency. http://www.parliament.gov.pg/.../national-pandemic-act-2020
This is the public health emergency that translates into a National Emergency and therefore fulfills the requirements to borrow up to 40% of the revenue of the 2022 national budget or K6 billion.
Ian Ling-Stuckey is taking all his advice from the Australian National University academics led by Prof. Stephen Howes, Dr. Misty Baloiloi (a student of Howes), and Paul Flanagan (a colleague of Howes) were all paid for by the Australian Government.
Take Back PNG or Take Over PNG.