Posts

Showing posts with the label Mismanagement

PUBLIC FINANCE MANAGEMENT DISASTER

Image
by JACK NAIME

Another independent international assessment of Papua New Guinea’s financial management has contradicted the spin and deception by Prime Minister Peter O’Neill, Treasury Secretary Daire Vele and the mainstream media led by the Post-Courier.

The report, Poor Financial Management in PNG: Can It Be Turned Around? Is available here:
http://devpolicy.org/pngs-financial-management-can-it-be-turned-around-20160112/ . It was written by PFMConnect, a respected international consultancy specialising in developing country financial
management.

The report slams the O’Neill Government’s financial management and reinforces the criticism of other independent international observers who have exposed the corruption, incompetence and waste that is rife under Peter O’Neill and Daire Vele.

Papua New Guinea ranks 21st out of the 24 assessments of Public Financial Management conducted by the IMF last year, according to the report.

Most alarming is the fact that under Mr O’Neill and Mr Vele, …

THE NUMBERS DONT LIE PETER O'NIELL

Image
by JACK KUMAN

Prime Minister Peter O’Neill is telling us that the economy and government finances are in good condition.

But the official numbers from Treasury and the Bank of Papua New Guinea tell a different story.

They tell us that Papua New Guinea is rushing towards an economic and financial disaster.

The numbers do not lie, unlike the Prime Minister.

Since he grabbed power in mid-2011, the economy and government finances have got worse and worse until today the Government is virtually bankrupt.

Now the Prime Minister and his partners in crime have resorted to stealing from State-Owned Enterprises to try to prevent a complete financial crash. They have demanded hundreds of millions of kina, including from LNG landowners’ funds held in NPCP and reserve and operating cash from National Fisheries Authority and MVIL. This is in addition to the hundreds of millions of kina already drained from SOEs last year and earlier this year in fake “dividends”.

O’Neill’s corruption, waste and mis…