Ling-Stuckey calls for honesty from government

ECONOMIC challenges can be overcome if there is greater honesty on issues from the Government, says Opposition shadow minister for treasury and finance Ian Ling-Stuckey, pictured.
He made reference to differences between economic figures by the Government and those contained in presentations about the economy at the recent University of PNG and Australian National University PNG Update conference.
This related to foreign currency issues and exchange rate regulations as well as for other aspects of the economy’s performance.
“More honesty is needed from the Government, as a first step in addressing the economic problems facing PNG” Ling-Stuckey said.
“As other papers at the UPNG/ANU update conference highlighted, the key new economic challenge being talked about in PNG is the lack of foreign exchange, now by far the greatest concern to business.
“This is a problem created by this Government, and one that has seriously hurt PNG’s growth.
“However, PNG’s Central Bank continues to promise that things will improve just around the corner.
“Businesses have been waiting too long.
“We need to get a better understanding about exactly how our exchange rate is regulated.
“There should be a review of the Central Bank’s performance in managing the exchange rate and interest rates more broadly.
“We need to be balanced when we talk about the economy.
“It is important that we do not talk it down, but we also just can’t hide from the truth with good stories.”