O’Neill: Budget flawed

FORMER prime minister Peter O’Neill claims the Budget 2022 Strategy Paper released by Treasurer Ian Ling-Stuckey on Friday is flawed and has no long-term plans.
“Adjust the (proposed) budget and reduce next year’s spending and the K6 billion deficit by borrowing less,” he said in a media statement.
O’Neill said PNG’s finances were worsening.
“The signs are obvious for all to see,” the Ialibu-Pangia MP said.
“Shutting down Porgera (mine) when gold prices were at a high and crawling at a snail’s pace on the commencement of Papua LNG and Wafi-Gopu.
“These are two lost revenue opportunities that are being replaced with debt funding deficits. The Government proposes to spend next year a record budget expenditure of more than K21.8 billion but with only K15.7 billion in revenue.
“Now is the time to live within our means and be sure that every toea is spent on essential services or growing our economy.
“Instead we have a record budget matched with record borrowing with loans, now set to exceed K52 billion in 2022.
“Like all businesses and families, when times are tough in PNG, we live within our means.
“We cut back and spend less.
“This Government needs to start behaving responsibly and tighten its belt.”