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CENTRAL Bank Governor Wilson Kamit
yesterday extolled the virtues of greater competition, suggesting the
Government should not waste time if privatisation or corporatisation was
“unpalatable”.
“Let’s get on with competition in the telecommunications, power and
public utilities,” he said during a ceremony at which he handed outgoing
Treasurer Sir Rabbie Namaliu a K33 million dividend payment for last
year.
Mr Kamit urged the Government to improve the efficiency and reduce the
“very high cost structure of public utilities and basic infrastructure
services” in order to enhance private sector investment and economic
growth.
“There is nothing like wanting to be on the winning team. Just look at
the state of Origin games and see the value of competition,” he said.
Mr Kamit said that in 31 years of independence ,PNG had had 14 years of
stable, low growth up to 1989; 10 years of very difficult times up to
1999 following the Bougainville crisis.
“The lost decade was characterised by gross mismanagement of the
economy,” he said, noting that the country came close to defaulting on
foreign currency liabilities in 1994 and again in 1998-99.
He said it took four years from the middle of 1999 to stabilise the
economy and re-establish public confidence.
Sir Rabbie said it gave him “a sense of satisfaction and great joy but
also sadness to officiate at one of my last official engagements as a
member of Parliament, a minister of the Government and an elected leader
of my people”.
The country, he said, was experiencing the benefits of the economic
recovery and sustained macroeconomic stability over the past three to
four years, which is continuing this year.
While high prices for PNG’s export commodities and fine weather
conditions have contributed, “there is no belittling the significant
policy impact the government has made to reach this level.
“From a personal standpoint, it has been a satisfying experience to lead
as the minister for Treasury, a new area for me. I go out satisfied I
have contributed to the sound fiscal management of the Government during
my short tenure in the ministry.”
 
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