Embrace political stability: PM

PRIME Minister Peter O’Neill has urged Papua New Guineans to embrace just how important political stability was to the country’s future.
“We are living in a very uncertain world economic environment, and we are no longer able to fully isolate Papua New Guinea from the impact of global economic conditions,” O’Neill said in a statement yesterday.
“We are now a significant supplier of the LNG to meet global needs, and LNG is a commodity significantly impacted in terms of both price and demand by the downturn in international economic conditions,” he said.
“In an uncertain global environment, we must maintain the unwavering political stability, and sound economic management.
“It is this approach that enabled our first LNG project to become operational ahead of schedule, and to be delivering high quality LNG to the markets of the world.
“The next LNG project will begin next year provided we maintain a stable political and economic environment.
“These factors are the number one requirement of investors in multi- billion kina projects such as Papua LNG.”
“The same stability and confidence is going to be critical to other gas resource projects, and mining projects such as the massive Frieda River project which will be one of the world’s largest copper projects when completed.”
O’Neill said the strong political stability and sound economic management delivered by the Government over the last four years has enabled the successful negotiation of the K1.6 billion sovereign bond loan.
“This loan will assist with the funding of vital services and improve the foreign exchange position that had adversely impacted on the private sector, and on individuals.”