‘Economy facing risks’ :Opposition
By REBECCA KUKU
Shadow Treasury and Finance Minister Joseph Lelang has warned that there will be significant risks facing the Papua New Guinea economy as a consequence of the 2020 Budget.
Lelang said this during his budget response speech last week in Parliament that with the combination of the K4.5 billion Supplementary Budget and the 2020 Budget proposed deficit borrowing plan of K4.6 billion, the total debt accumulated was K8.1 billion.
“There is no end in sight for this Treasurer’s massive borrowing addiction, which in his short time in office, is equivalent to the total government debt accumulated between 1975 and the 2012 of K8.6 billion,” he said
“In other words, in less than six months, the Marape-Steven Government has accumulated borrowing commitments that are nearly equivalent to the accumulated debt stock as a country over the last 38 years.”
Lelang said the Marape-Steven Government would now have a large debt of more than K8 billion.
He also called on the Government to go straight to the International Monetary Fund (IMF) and ask for a standby agreement.
“Why do we have to go through a third party, we are a sovereign nation and we should deal directly with the IMF and not muck around because this Treasurer has not come up with a home grown solution.”
5 comments
Well said
lelang is the right man for that joj and he knows what to do,maski long shadow minister putim em now long minister..
kove/kaliai llg supporter
mathias.mellie-from nbpol mosa,kimbe
Joseph Lelang, what do you expect? Need to provide for a growing population surely needs more money. You may have woken up from your slumber if you hadn’t noticed breaking down of this country through ongoing corruption that continues unhindered and creating disparities everywhere and living standards have been increasing since 1975 including price of goods and services likewise
Was it not recently this government under PMJM and his treasurers just passed a budget specifically targeting debt reduction by Billions?
…and please! Not only you know of IMF so STOP misleading PNG and debate on constructive issues!
Regardless of whether you in the opps or gov..the debt issues is for every one of us…please opposition provide workable ideas or strategies you think would help ease the debt or economic burden of this great nation, share with the government your thoughts and ideas and lets work together to get our beloved country back on track..that is the most honorary thing to do for your nation and most importantly for the silent majority. Please stop the blame game because the blame game brought this nation into the deep shit, open up and provide solutions and not creating problems up the problems that we are already facing and dealing with.
Joseph Lelang, please support & provide vital information to the PAC Chaired by Sir John Pundari & his team who are investigating all the HOD, millions have been misused by this group, we can recoup some of these money to pay off the deft……..
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