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Showing posts with the label Department of Finance

PNG STRONGLY DEFENDS WITHHOLDING OF IMF ARTICLE IV REPORT TO COVER FOR MISSING K6.3 BILLION KINA

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by PAUL FLANAGAN

SUMMARY
The IMF report indicates the O’Neill government has overstated the growth rate in the PNG economy by 12.7 percentage points during its term.
Primarily by 5.9 percentage points in 2014 and a further 5.2 percentage points in 2015 (see graph below).
The IMF indicates the PNG economy is K6.3 billion smaller in 2017 than claimed by the government (and K5.4 billion smaller in 2016).
This means the debt to GDP ratio is 33.5% in both 2016 and 2017 according to the IMF – above the 30% limit set in the Fiscal Responsibility Act.
The greatest concerns about economic management relate to BPNG’s control of the foreign exchange rate and reserves with more breaches of international norms than admitted.
The Governor of the BPNG should explain serious discrepancies between his statements on 25 January (full page adds in the local press on 26 Janaury) and what the IMF report actually stated on 27 January (see below).
While commending the government for its actions in the 2016 Su…

GOVERNMENT SPENT K10 BILLION ILLEGALLY THIS YEAR

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by PNGBLOGS Prime Minister Peter O’Neill and Treasurer Patrick Pruaitch have been caught out in a massive Constitutional breach over state borrowings and repayment of the national debt in 2015 and 2016.
Their failure to comply with Section 209 of the Constitution means all domestic debt – Treasury Bills and Inscribed Stock - issued in both years, and repayment of that debt, is technically illegal.
The unlawful amount involved will be about K10 billion by the end of this year.
The Constitutional breach and the failure to acknowledge and correct it highlights the incompetence and lack of integrity of the Prime Minister and Treasurer.
It highlights the complete disregard by the Prime Minister and his Regime for the laws of Papua New Guinea, including the Mama Law.
The Constitutional breach was identified by blogger Kessy Sawang, a financial analyst and former Deputy Commissioner of Papua New Guinea Customs Service, and Head of Secretariat of the Tax Review Secretariat at Department of Treasury…

"BRING YOUR FILES TO COURT" - MARAPE

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BREAKING NEWS: PAUL PARAKA SEEKS K24 MILLION PAYMENTS

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by STEVEN ANDRE
The law firm at the centre of fraud allegations involving the Prime Minister and many other high-ranking people in PNG is ‘striking again’.
In a letter dated 26th January 2016, Paul Paraka writes to Secretary for Finance, Dr Ken Ngangen, for some outstanding payments of K24.1 million. The bills comprised of a K12.940 million principal amount as purportedly confirmed by two National Court Orders in 2007 and interest component of K11.170 million. Mr Paraka claims that the bills were cleared by the Solicitor General in 2005 and two National Court orders subsequently confirmed it. He claims that the bills were not paid in the past because there were some Supreme Court cases pending and now that the cases had been concluded in July 2014, the Department of Finance is legally obliged to make these payments, failure to which would result in contempt of court proceedings. Mr Paraka refers to a letter by the Attorney General Ano Pala dated 6th July 2014 to then Commissioner of Pol…

LAWYER FELIX KANGE AND HIS CORRUPT MILLIONS

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POST COURIER
Department of Finance officials received more than K2 million in “consultation” fees in a case that has landed a private lawyer in hot water.
According to documents tendered in the Waigani National Court, the payments were made by the lawyer to facilitate the release of two cheques, which were the payments for the East Awin land in the North Fly District of Western Province.
This land was bought by the National Government in 1983 to resettle the West Papuan refugees and the payments were made in 2008 with the first K4 million released in January and another K6.8 million in December, from which the landowners received K1.4 million.
The landowners from the Homuku, Pesegai, Witigi Kukub, Witime, Yesa. Ukya, Kuse Ide, Kuga and Modia Kuga clans sued their lawyer Felix Kange of Kange Lawyers early this year for the balance of their money.
The matter had gone before National Court Judge, Justice Ambang Kandakasi who ordered the Kange and another defendant, David Kaya to provide…