Bring off-shore funds, PM urges

 By GYNNIE KERO

PRIME Minister Peter O’Neill has urged exporters who keep their funds in off-shore accounts to bring them into the country to address the current shortage of foreign exchange.

O’Neill said PNG institutions had huge foreign currency accounts offshore and were “deliberately” sitting on the funds.

He explained that during a breakfast with business leaders when concern was raised on the shortage of foreign exchange in PNG.

O’Neill said the foreign exchange and monetary policy were managed by the Bank of PNG, but the Government was working on ways to address it.

“We are aware of the issues regarding the shortage of some foreign currencies so that our importers can continue to meet their obligations,” he said.

“We are working on a few arrangements. Proposals are before the Government to be announced in the next few weeks. You will be addressed in the next months or two and you will see some normalcy in the currency.

“Many of you (exporters) are keeping their funds in overseas accounts. You live in this country (and) you can see the difficulties we are going through.

“Those funds should be brought back. You don’t necessarily want the Central Bank to impose restrictions on what you are doing. But we would like to work together in bringing these funds back.”

He said PNG would maintain an interest in Oil Search.

“Oil Search is a PNG company, the biggest employer and biggest taxpayer in the country. That is why we are going to continue to maintain that confidence in our biggest employer to remain in the country.”