PNGBLOGS

by MITCH RENAGI Budget week should be a triumph for any self-respecting Treasurer - it should cap all his efforts over the past 12 months and lay out a rosy future for the next 12. Unfortunately for Ian Ling-Stuckey and his team of highly-paid foreign advisers, this Budget week has been a disaster, lurching from one crisis to another. His disastrous performance has shredded the Marape Government’s economic reputation. He and his advisers should resign, and failing that Marape should sack them. Ling-Stuckey’s failures are inexcusable. First, he missed the Budget sitting day by 24 hours.  Then when he did get around to delivering the Budget a day late, he did not table the all important Volume 1, Economic and Development Policies. In effect, the Budget has not been tabled. Neither Vol 1 nor his Budget speech have been posted on the Treasury web site as of Monday morning, so the public does not have access to the information that will guide people’s lives and the nation for the next 12 mo

by  M.V LASIA PNG has recently made the headlines across the globe for being in a financial debt crisis and struggling to pay its debts and expenses. It is no secret the O'Neill Government has had cash-flow crisis and only managing to keep its head above water. What little tax income it earns each month is being used to ensure public servants are paid every fortnight and any difference is directed to propping up its free education policy and partly pay for its inflated contracts. Meanwhile Peter O'Neill claims the country's financial crisis has been caused by dramatic fall in world commodity prices placing a strain on economies around the world. So is Peter O'Neill telling the truth? Short answer is No.  The PNG Government funds its operations, development projects and services its debt obligations through the collection of taxes and overseas grants (donor funding). Tax collection or revenue is categorized into three main parts. 1) Tax on Income and Profit

by GOVERNMENT INSIDER In a meeting with some World Bank people and some former Ausaid Consultants to PNG, this is what they had to say about PNG parliamentarians and the current government's management of the economy. They say, 99% of our parliamentarians are economically and financial illiterate. For example; They do not have any idea about the UBS Loan or the LR Generator deal, or even the importance of the 2016 budget document, as such no one is capable of debating the nitty gritty ties of such enormous financial transactions and legislations provocatively.  They even don't care about the economic implications befalling from such decisions. Therefore PNG Parlaiment under the current regime lacks good governance. What a shame? The other thing, they said there is no prudential Management of the PNG economy by the Peter O'Neill government, they said the current government manipulated fundamental data and statistics on the real GDP, a sign shown by the 2015 budget outcom

by GOVERNMENT INSIDER Isaac Lupari has recently become the Chairman of Public Debt Committee,(PDC), their core function is to manage the cashflow of the country. PDC is made up of Treasury Management(Chairman), Finance Management and Bank of PNG. PM's Dept is not suppose to interfere with the operation of Treasury management. The responsibilities to raise revenue and expenditure lies with the treasury IRC, Customs and Finance according to the constitutional functions of these institutions. Never in the history of this country a Chief Secretary becomes the Chairman and manipulate the cash flow management of the country, that means, Isaac Lupari is a superfluous who is hell bent on destroying  the core functions of these constitutional institutions and politically compromise the prudential fiscal management and governance of established government institutions. Does this show that the Governor of the Central Bank, Secretaries for Treasury and Finance and their Management t