by MICHAEL JOSEPH PASSINGAN The foreign banking system is bringing more bad news for Papua New Guineans suffering under the corruption, waste and reckless financial and economic management of the O’Neill Regime. The International Monetary Fund, an arm of the World Bank, is lending almost K1 billion so commercial banks – BSP plus the two main foreign-owned banks ANZ and Westpac – can prop up the bankrupt government of Peter O’Neill. The fact that the IMF is a lender of last resort to failed economies illustrates exactly how bad the nation’s economic and financial problems are. The fact that the O’Neill Regime and the Bank of Papua New Guinea are keeping this loan secret adds to the fears that is a very bad deal for Papua New Guinea. The K1 billion, to be managed by the central bank, will allow the commercial banks to continue to buy government investments such as Treasury Bills, Inscribed Stock and Central Bank Bills, and possibly lend more money to State-Owned Enterprises.
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