Showing posts with the label Loans


The real reason Marape went to China is to get loan and ask China to back him for the election this year. Yes for China to back Marape not Pangu or his government partners because he does not trust many of the MPs after the blocking of the budget last year when government MPs crossed over to opposition which forced government and opposition into two camps in Vanimo and Loloata Island. Marape misled PNG and international agencies and governments about visiting China and France.  The so called visit to France was to created the impression Marape was on a world trip to visit  global powers on official state visit. France trip was never ever going to happen. Marape is a pathological liar. PNG must never trust this con man. He said on TV before his trip to China saying, " don't worry PNG we are not going to get more loans, I am invited by President of China to witness the Winter Olympics Opening Ceremony." We know the Covid case reported in China too was cooked up, it was not


by PAUL FLANAGAN The press release from the latest mission of the world’s International Monetary Fund (IMF) – see here – highlights the difficult road ahead for PNG in dealing with recent years of bad luck and economic mismanagement. Challenges On the fiscal front, the IMF considers that the government will fail in the Supplementary Budget to bring the 2017 budget deficit back to the target of 2.5% of GDP. Rather, it estimates the deficit will be “a little over 3%” – so a gap of some K370 million relative to the 100-day target. The goal to reduce the debt to GDP ratio back to the legislated level of 30% as part of the 2017 Supplementary Budget is also recognized as infeasible. Instead, the suggestion is a medium-term objective of moving to a balanced budget by 2020 (and GDP growth will work to reduce the ratio). So the first two targets in new Treasurer Abel’s 100-day plan are likely to fail. Expected growth is also wound back from the 2.7% estimate in 2017 down to 2.4%.


PRESS RELEASE by  Rt. Hon SIR MEKERE MORAUTA MP Former Prime Minister and Member for Moresby North-West Sir Mekere Morauta said today that at last some members of the PNC Government have admitted that the Papua New Guinea economy is in difficulty.  Sir Mekere referred to the media statement by Deputy Prime Minister and Caretaker Treasurer Charles Abel, who said that the focus of the government in its first 100 Days would be on “economic recovery”. Sir Mekere noted that this was an interesting admission and use of words by Mr Abel, because the Prime Minister has consistently refused to recognise that the economy is in recession, and has mismanaged public finances in such a way that has allowed the recession to intensify. “My advice to Mr Abel is that before he launches into any “recovery” measures, he needs to repair the budget and reform his Prime Minister and curb his extravagant and uncontrolled spending and borrowing,” Sir Mekere said. “The non-mining sector, on which the


by MICHAEL JOSEPH PASSINGAN Prime Minister Peter O’Neill has just cost Papua New Guinea almost K1.5 billion because of his reckless, corrupt and unnecessary borrowings. The loss is on the refinancing of his illegal K3 billion UBS-Oil Search loan. The deal was done in secret in Sydney earlier this month to avoid having to reveal the massive loss that the Prime Minister, UBS and Oil Search have inflicted on the nation. Details of the deal were not revealed when Kumul Petroleum MD Wapu Sonk announced it over the weekend.  Mr O’Neill’s secret loss comes at a time when the Government is virtually bankrupt, unable to pay public servants and cutting spending on essential services such as health, education and power generation.  It will add to the record and illegal levels of debt already incurred by the Prime Minister. It will contribute to further worsening of the living standards of ordinary Papua New Guineans. The refinancing of the UBS-Oil Search loan is even worse tha