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Showing posts with the label Supplementary Budget

PNG’S BUDGET DEFICIT BLOW-OUT OF K628 MILLION

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by PAUL FLANAGAN This is the third and final posting on PNG’s 2016 IMF Article IV report.  The two previous posts have focused on PNG’s growth rate being much lower than claimed by the O’Neill government and PNG’s weak external position. The focus of this blog is on fiscal and monetary policy. The IMF report estimates the 2016 budget deficit will be K628 million greater than estimated by the government (so reaching 4.4% of GDP), and this feeds into greater debt levels. Government debt at the end of 2016 is estimated to be K967.3 million greater than stated by the government (and this does not include build-ups in off-budget debt such as the K3 billion in borrowings for Oil Search shares). While commending the government for its actions in the 2016 Supplementary Budget and “prudent” 2017 budget, there are concerns about where expenditure cuts have been made, the lack of effort on raising revenues (in particular from the resource sector), and the need to improv

PNG ON THE BRINK OF GREEK TYPE ECONOMIC COLLAPSE

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INSIDE INFORMATION By Carl of BPNG and Pat of Treasury Department Peter O’Neill, Patrick Pruaitch, James Marape, and Loi Bakani have not told Papua New Guineans the real causes of our economic crises and the effects that should be expected.   PNG’s economic crisis is far worse than what it appears and we are dumbfounded by the silence of the people in the know. Learned Papua New Guineans continue to zip their mouths and eyes whilst Prime Minister Peter O’Neill continue to peddle his lies across our simple minds. Two of us have compiled this report together for the love of our country. Most of these information are already available to the public. We hope that all equally concerned Papua New Guineans will be enlightened by this article, for an enlightened citizenry never remain silent. We have four interconnected yet separate problems on hand at the moment: Government Coffers without Money Bank of Papua New Guinea without Sufficient Foreign Reserves (Forex)

Peter O’Neil must respect the Constitution & treat all 89 districts equally

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SAM BASIL MP P arliamentarians who have been mandated to represent their constituents are being intimidated and mistreated by their equally represented members of parliament who are in the executive arm of the legislature whom we know as ministers. While I also speak on behalf of some members of parliament who are still awaiting their developmental grants especially the DSIP funds that we all know was recently dished out to only the members of parliament from the government benches or who supported the government during the recent no-confidence attempt. The finance officers in Waigani have confirmed last week Thursday 09.09.10 that all remaining cheques of K2m especially for the opposition members of parliament was signed and released to the Finance minister’s office and are in his possession. So far all DSIP cheques from this eight parliament were physically handed out by the then Finance Minister Patrick Pruaitch, Acting Finance Minister Hon. Arthur Somare, once by the Prime Minister

Peter O’Neil must respect the Constitution & treat all 89 districts equally

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SAM BASIL MP P arliamentarians who have been mandated to represent their constituents are being intimidated and mistreated by their equally represented members of parliament who are in the executive arm of the legislature whom we know as ministers. While I also speak on behalf of some members of parliament who are still awaiting their developmental grants especially the DSIP funds that we all know was recently dished out to only the members of parliament from the government benches or who supported the government during the recent no-confidence attempt. The finance officers in Waigani have confirmed last week Thursday 09.09.10 that all remaining cheques of K2m especially for the opposition members of parliament was signed and released to the Finance minister’s office and are in his possession. So far all DSIP cheques from this eight parliament were physically handed out by the then Finance Minister Patrick Pruaitch, Acting Finance Minister Hon. Arthur Somare, once by the Prime Min