“PNG’s mid-year economic and budget update was released on 31 July. This was a chance for Deputy Prime Minister and Treasurer Charles Abel to start being more transparent about what is really going on with this country’s budget. This could have been the vital first step for rebuilding confidence. PNG has lost much of its […]
The update on the 2018 Budget released on 31 July does not deal with the major questions I raised about the credibility of the government’s budget policy in my budget reply speech in November last year. At that time, I indicated the 2018 Budget was based on fake revenues of some K2 billion, which led […]
“At the recent UPNG/ANU conference, there was a striking statistic. Economic academics from both the University of Papua New Guinea and the Australian National University say that the PNG economy had negative growth of 5.9 per cent in 2015 in the non-resource sections of the economy. This is an extraordinary result confirming the economy went […]
“The Government failed to meet yet another promise in its 100 Day Plan when audited accounts for SOEs and Statutory Authorities for the 2017 financial year were not tabled in Parliament by June. This was Point 19 of the plan – and becomes yet another broken promise. The Alternative Government would fulfil this promise as […]
In a wide-ranging speech on the economy to the PNG Update being held at UPNG on Thursday and Friday of this week, the Shadow Treasurer, Ian Ling-Stuckey, has highlighted how PNG can gain most benefits from the APEC meeting. ‘We need to have in place the policies that will actually encourage the business investment to […]
Treasurer – You’re Hallucinating. International credit ratings are downgrading us like never before – and this should be a time when upgrades were possible. PNG really does have a growth and jobs crisis, a budget crisis and a foreign exchange crisis – urgent action is needed.
“A respected business friend of mine was excellent at keeping people’s feet on the ground. If businesses started becoming wildly optimistic about increased sales or lower costs, he’d look at them and say “Mate, you’re hallucinating”. Tough advice, but good advice from a real friend. Unfortunately, in reviewing recent statements from the Treasurer, I am […]
PNG’s International Credit Standing at Risk – little chance of a successful Sovereign Bond and GDP growth reduced by 2.5%.
“The international credit ratings agency Moody’s is concerned about economic mismanagement in PNG and has put its credit rating on “negative watch”. This is only the fourth time in the last two decades that PNG has been put on this negative watch, meaning there is an increased chance of a credit ratings downgrade. PNG’s credit […]
Dodgy accounting requires an independent audit of Treasurer Abel’s fake 2017 Final Budget Outcome document – deficit blow-out probably of at least K1 billion greater than the government admits
“The big picture outcome numbers for the 2017 Budget look too good to be true – and they are. The Final Budget Outcome (FBO) released by the PNG Treasury on 14 March- the 83 page detailed document after a premature speech by the Treasurer last month – raises massive questions about credibility and trust. There […]
PNG’s cash mismanagement – not speculation, just verifiable facts and another K290 million turned down according to BPNG
“In an extraordinary outburst on 22 March, PNG’s Treasurer Abel accused me of “blurting out speculations” and talking “nonsense”. With respect to the Treasurer, it would be more productive if we dealt with facts and the issues rather than issuing emotional comments. The facts are as I stated, and these are available directly from the […]
“People know that PNG is facing major cash flow difficulties. Almost every day we hear stories of public servants not being paid, government departments being locked out due to non-payment of rent, and delays in meeting payments for schools, health centres and private contractors. Indeed, at the start of this month, there was a leaked […]