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Showing posts with the label money

A DESPERATE TURNBULL STANDS BY A WEAK DESPOT

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by PETER J RICKETS

April is proving to be the most disastrous month in the history of Australia’s relationship with Papua New Guinea, with yet another crisis in Malcolm Turnbull’s concentration camp on Manus Island, to the north of the PNG mainland. At a time when the West is struggling to win the hearts and minds of Papua New Guinea in the face of a concerted Chinese diplomatic effort to do the same, Manus has once again blown up in Australia’s face.
This week’s riot during which PNG Defence Force personnel fired approximately 100 rounds from military weapons into the refugee compound has created even more animosity towards Turnbull’s Australia. The compound is supposed to be officially closed, but still houses hundreds of refugees, with Turnbull and his Immigration Minister washing their hands of any responsibility for it and its occupants. Infuriated by the continuing Turnbull-Dutton deceptions and their attempts to slither away from Australia’s responsibilities, Papua New Guineans …

JAMES MARAPE'S MENTOR IS PETER O'NEILL WHEN IT COMES TO HALF TRUTHS

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NIUGINI OUTLOOK  UPNG especially was screaming in December that they had no money left to run the university. It was well known that months ago the PNG government had promised a sizeable amount of money to University of Papua New Guinea, PNG University of Technology and University of Goroka to pay for damages and other expenses that were incurred and not budgeted for by the universities as a result of the 2016 student boycott. The declaration that this money would be given to the universities before classes resumed again last September was supposedly told to university heads by Chief Minister Isaac Lupari in private, and in public by Peter O'Neill and other government officials. It was clearly stated in August 2016 and run on EM-TV news that the following amounts would be paid: UPNG: K12 million
Unitech: K43 million
UOG: K8 million In the case of Unitech, this money was essential, being that 4 buildings were burned to the ground in late June 2016, including the all-important mess. W…

O'NEILL'S SECRET LOAN FROM IMF/WORLD BANK SEEN AS LAST RESORT TO PROP FAILING ECONOMY

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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.

As a result…