CENTRAL BANK AMMENDMENTS WILL BE A COUNTRY KILLER


by JASON MONDUL

The recent concerns about the independence of the Central Bank of Papua New Guinea have sparked a debate on the importance of safeguarding the financial sector from political interference. The Marape Rosso government's recent actions, under the leadership of Treasurer Ian Ling Stuckey, have raised fears of a loss of independence for the Central Bank.

Isaac Lupari, the former Government Chief Secretary, has expressed his concerns about the amendments to the Central Bank Act. He warns that the proposed changes could politicize and destabilize the bank, leading to a loss of independence and jeopardizing the country's financial future and international reputation.

Lupari emphasizes the potential negative outcomes of a politicized central bank, drawing attention to the example of Zimbabwe where a lack of independence led to economic turmoil and widespread poverty. He also stresses the importance of investing in revenue-generating infrastructure, managing debt, and avoiding costly projects that could damage the country's reputation.

The former chief secretary urges educated citizens to speak out against the proposed changes and applauds the opposition by the governors of East Sepik and Oro Province. He encourages the public to stand up and protect the future of their children, emphasizing that staying silent is not an option.

The importance of maintaining the independence of the Central Bank cannot be overstated. It is essential for sound governance and financial management, and when political objectives influence its decisions, it could harm the nation's economic health and deter foreign investors. This, in turn, could negatively impact the country's credit rating and financial stability.

Sir Mekere Morauta, a visionary leader, understood the importance of protecting the financial sector from political interference and worked to safeguard the independence of banking and financial institutions. His years of public service experience helped him understand the significance of foreign financial institutions and the importance of maintaining financial stability.

As educated Papua New Guineans, we must unite and demand accountability from the government. We cannot allow a self-serving government to make changes that only benefit a minority in power for political expediency. We must act now to defend our banking institutions and prevent any negative consequences for our children's future.

In conclusion, the recent amendments to the Central Bank Act by the Marape Rosso administration are of great concern. We urge the government to exercise caution and protect the autonomy of our central bank, ensuring high standards of governance and financial management. Mr. Lupari's warning is a wake-up call for us to speak out and demand accountability from the government.

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