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 […]
PNG’s Expanding Debt Crisis – Possible K870 million in interest cost savings if better economic management
“PNG is in a deep financial crisis. In such circumstances, it can be difficult to find a way out. Sometimes, going back to basics is the key – back to the fundamentals of good economic management leading to improvements in confidence. Better confidence can stimulate more investment and then higher growth and then more revenue […]
“PNG must learn to live within its means. PNG is seriously mishandling the explosion in its debt levels, the growth of interest payments as a share of its revenues, an annual debt rollover nearly equivalent to the entire national budget, and its lack of transparency about off-the-books debt. Debt is not bad if it is […]
“Getting PNG’s non-resource growth rate back to at least 5 per cent per annum requires more, better quality and better targeted investment in our country’s infrastructure. Recent years have seen massive real cuts in the government’s support for infrastructure of 51% between 2015 and 2018. This is a cause for PNG’s poor growth prospects from […]
“The Alternate Government welcomes more information being made available about resource revenues. The Extractive Industries Transparency Initiative (EITI) is a very positive step forward. The release of the 2015 and 2016 reports shows the professionalism of the EITI Secretariat and the committee which supports them. Treasurer Abel’s support for the initiative is welcome, following in […]