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Showing posts with the label IFC

Two Days Bring Two New Government Lies That Neither PNG Toiletpaper Daily Bothers To Investigate

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by SALMA KULI JACOB It is small wonder that the UPNG students burnt stacks of the toiletpaper dailies AKA The National and the Post Courier.   Both of them fail miserably at objective reporting or achieving any kind of balance in giving both sides of the story.  They’re both content with recycling government verbal diarrhea into certified Post Courier or National pekpek, without  checking out the accuracy of anything they’re asked to run.   IFC Loan Approved For PNG.   Or Was It?   The Post Courier led the way in unprofessionalism on 2 May with the following story: This news comes from the Bank of PNG which we all have come to see is in collusion with Peter O’Neill.  Mind you, no nation’s central bank should ever come under political pressure, because this erodes confidence in a central bank to do what’s best for the economy, no matter what the political fallout.  Unfortunately, the big picture of making decisions usually seems to escape our leaders and top level bureaucrats these days,…

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

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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, an…

THE KING OF LIARS DOES IT AGAIN!

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byMICHAEL J. PASSINGAN

On 21 March, at the PNC fund-raising – also known as the greatest gathering of thieves on earth – the Prime Minister boasted about PNG having an annual GDP growth rate of 9.2%. He said Papua New Guinea’s growth rate is the envy of many world economies – “9.2% is miles better than the global average, which is about 3% or less”.

 LIES LIES LIES! 

PNG’s annual GDP growth rate is 4.3%, according to the 2016 Budget papers, Volume 1, Table 1, page 107. Even worse, Treasury predicts annual GDP growth to fall to less than 3% for 2017, 2018 and 2019, according to the 2016 Budget papers, Volume 1, Chart 13 page 12. 

This chart also demonstrates how O’Neill has wrecked the non-mining sectors – mainly agriculture, on which 90% of the people depend for their livelihood. His mad policies and his greed have reduced non-mining GDP growth from a high of 12% per annum in 2011 to about 3% per annum now. 

MORE LIES! 

He also told his dinner companions - PNC konman cronies and other thiev…

INTERNATIONAL BONDS MARKETS AND BANKS DON'T TRUST O'NEILL LIES AFTER SOVEREIGN BOND FAILURE

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by MICHAEL JOSEPH PASSINGAN

On 17 March PNG Blogs revealed that Peter O’Neill has secretly begged the World Bank for a loan of up to K1 billion.

On 22 March we revealed that international agencies are about to downgrade Papua New Guinea’s credit rating once again – after already being downgraded late last year.

Now some good news – the economy and national finances have been damaged so badly by O’Neill’s reckless borrowing and wasteful spending that his proposed $US1 billion sovereign bond issue is dead - D.E.A.D.

This is good news because it means the nation’s indebtedness will not increase by $US1 billion in the immediate future. It means the long-suffering people will not have more debt to repay each year.

IT MEANS THERE WON’T BE $US1 BILLION FOR O’NEILL TO STEAL AND WASTE

The failure of the bond issue proves that international money markets won’t lend a toea to O’Neill’s corrupt regime unless it is at unaffordable penalty interest rates.

Such unaffordable interest rates would have taken …

IFC'S US$140M SPLASH IN BSP, IS THERE A CONFLICT OF INTEREST?

By: Dionisia Tabureguci of ISLAND BUSINESS

It wasn’t too long ago that a partnership between the World Bank and its sister organisation the International Finance Corporation (IFC) in the deregulation of the telecommunications sector in some countries in the region was frowned upon. Critics called it a ‘conflict of interest’. Through multi-million dollar loans, the IFC—the World Bank’s private sector financing arm—was funding the Pacific expansion of Irish-owned Digicel. At the same time, the World Bank was offering policy and technical assistance to governments in the region interested in opening up their telecommunications market. Words like “double standard” and “inappropriate” were used to describe their involvement in the Pacific’s telecommunication market. The World Bank’s Country Director for Papua New Guinea, Timor-Leste and the Pacific at the time, Nigel Roberts, had to defend the organisations’ involvements as independent of each other. “The process we’re involved in on the Wor…

IFC'S US$140M SPLASH IN BSP, IS THERE A CONFLICT OF INTEREST?

By: Dionisia Tabureguci of ISLAND BUSINESS

It wasn’t too long ago that a partnership between the World Bank and its sister organisation the International Finance Corporation (IFC) in the deregulation of the telecommunications sector in some countries in the region was frowned upon. Critics called it a ‘conflict of interest’. Through multi-million dollar loans, the IFC—the World Bank’s private sector financing arm—was funding the Pacific expansion of Irish-owned Digicel. At the same time, the World Bank was offering policy and technical assistance to governments in the region interested in opening up their telecommunications market. Words like “double standard” and “inappropriate” were used to describe their involvement in the Pacific’s telecommunication market. The World Bank’s Country Director for Papua New Guinea, Timor-Leste and the Pacific at the time, Nigel Roberts, had to defend the organisations’ involvements as independent of each other. “The process we’re involved in on the Wor…