Loan, costs K37bil: PM

The National Main Stories

THE compounded effect of the country’s debt from borrowing over the last seven to eight years is about K37 billion, according to Prime Minister James Marape.
Speaking in Parliament yesterday, Marape said this was just the amount of actual cash loans taken by the country and there were many more.
“If you add hidden reports such as the UBS loan, K4 billion or so, state-owned enterprise (SOE) for the Motukea Port which BSP (Bank South Pacific) got and others total up to K37 billion,” he said.
Marape made the comments after a series of questions put to him by Yangoru-Saussia MP Richard Maru, who asked whether the Government was focused on borrowing or building the country.
It is estimated that the Government will borrow over K5 million this year, according to Maru.
He said the previous People National Congress party-led government borrowed an average of K2.5 billion a year.
Ialibu-Pangia MP and former prime minister Peter O’Neill, who is also the leader of PNC, disputed the figures given by Marape.
O’Neill said according to the Central Bank report that summarised outstanding public debt, showed that the total borrowed at the end of June 2019 was K27 billion – total debt for the last 45 years.

10 comments

  • So PO and JM together with sidekick RM borrowed PGK20Bn since they wrestled power from Grand Chief Somare in 2011.

    Unfortunately, PNG will still need to borrow to stay above the water line whether PO or RM like it or not.

  • The value of speak the Truth is vital for nation to move forward in it development. It’s also worthwhile to make the effort to only speak about your own perspective, feelings and needs (without interpretation or judgments), because that is the only thing that you can be certain of. Speaking exclusively your own truth ensures that what you say is unarguable, and it makes a way better story too. The importance of speaking the truth has never been more meaningful. As human beings, we are so bombarded by gossip, loud noise and messages about how we should be living our lives, it’s no wonder many of us become overwhelmed and get confused about what we really want to say to each other. Which members of parliament are honest in what they said in the parliament yesterday. I am confused as I am from Hela-SHP. Do we believe Peter O’Neil (PO) as those figures come out from PNG’s National Bank and PO brought it to the public for every citizen to know or is JM (PM) honest and questioning where he collected the K37 Billion. Well for me, it means speaking mindfully, with authenticity, compassion, and speaking from our hearts should be in the minds of those 2 leaders. Holding onto the fear of judgement means you are not fully participating in giving 100% of your authentic self to those listening, and you’re probably not speaking your absolute truth. Tupla – PNG les pinis long filthy politics we olgeta samting blo Kantri i Bagarap pinis. Start steering the kantri to head the right direction and stop those politics blo PNG —- tenx.

  • All Pangu MPS and other colition MPS are unqualified on PM seat so they appoint JM as Prime Minister, if they fully analysis and observed who is JM then they can be smart so Marape is the finance minister and every documentation passed to obtained LOAN he is the one who signed and went forward on this.

  • Only you must be the qualified person to take PM JM’s seat to turn the country up side down or you may be the qualified person to be finance minister to round the country. Every PM’s in the past have had their weakness and failures. None of them was perfect. PO was the most corrupt in borrowing much, using Police commissioner to defend him in many cases, shooting uni students for protesting, using police to prevent every public protest against him because he was hunger for power, Printing extra ballot papers from Indonesia which was unusual, corrupting the elections system which was unusual and list goes on. JM too has his weakness, but we can’t put every blame to PM JM. JM was the treasurer when PO was the PM, but PM PO was the head or CEO of the country, so when tells to subordinates to do something, they just followed. People like Don Pomb Polye could only say NO to what he disagrees.

  • If the borrowing lasts for 45 years, then it must have started since the independence in 1975. All the former and current PMs are accountable for accummulated loans up to a k37 bil.

  • All PNGan are observing how the county is running because the top level bureaucrats can thrust their powers to compel the previous government’s hatred, animosity rule and reign. Do not deny the fact the we have see economic transition of the country in the previous government though there was more debts.

    The point is the PMJM should not table his point all the time for previous governments corruption, carry that corruption and move on and you will be rewarded highly.
    Tanks!!

  • It is estimated that the Government will borrow over K5 million this year, according to Maru. K5Million or K5billion?

  • Can we please have some leisure time rather than this rubbish blaming games? Can we critically think about the future of this country rather than our shits from our selfless past game? PO and JM please show some dignity and respect for the people of this nation. You twos think you are the best but in fact it is the opposite. I have no faith in both of you please, please when will you twos going to shut the shit off. You twos are acting like the little boys. I am fed-up of this shit. Winsen Liripu, I support you on the other side, PANGU and other coalition parties were full of brainless nuts to vote JM to be PM.

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