O’Neill’s claims refuted
TREASURER Ian Ling-Stuckey has refuted claims by former Prime Minister and Ialibu-Pangia MP Peter O’Neill that PNG is being taken to a debt trap.
He was responding to Komo-Margarima MP Manase Makiba who had asked for an explanation on the true levels of debt of the country.
“During the years of his rule, he produced fake budgets, fake accounts and fake growth forecast,” Ling-Stuckey said.
“In his media release overnight, there is a claim that PNG is being taken into a debt trap.
“It was O’Neill who dragged our country into a debt trap.
“We have been in office only for nine months.
“His economic management increased PNG’s debt by 435 per cent, from K8.5 billion in 2004 to K37bil by 2019.” Ling-Stuckey said O’Neill increased PNG’s debt by K28.5bil and further hit the debts and by doing so, he broke the laws of the country.
He said there was a debt to GDP limit of 35 per cent but he took PNG to 42 per cent because he was exposed by a due diligence exercise.
“Debt will increase but only by a total of 29 per cent over the next five years,” he said.
“Over 20 per cent is simply to repay the expensive Credit Swiss loan.
“Overall K1.9bil goes to repaying previous debts. All of the additional funding will be good, cheap finance with most of it expected at the interest rate of 2.5 percent.
“There is no funding from International Monitory Fund and World Bank.
“I will not bow to his (O’Neill’s) personal attacks on parts of my business.
“With the wisdom of the new government, I can do better and the international community believes this to be the case,” Ling-Stuckey said.
16 comments
How can such things be allowed to happen? Where were the other MPs? Were there any other responsible members? Where has all this money gone? There is nothing in this country to show for it.
What is the Government doing about ” he broke the laws of the country”.
Trying to defend stupidity. Ian Lucky Stucky one do the right thing by saying no to borrowing!!! Borrowing to reduce debt sounds to me like you are already revealing the govt’s clueless govern ace of this nation. Just give up and let the potential govt take over and run the show to save PNG!!!
In 1997 to 1998, the Prime Minister then was Will Bill Skate. He ran the country into a DEBT TRAP similar to what O’Neil has done. When we look into it in detail, we find that O’Neil was behind Bill Skate who advising on the road to Entrapment always. We also see that William Skate and Peter O’Neil are founding fathers of People’s National Congress (PNC).
So…. PNG,… Do we want to have PNC again in 2022? For, the Party and it’s leadership is a Nation Wrecker then a Builder. PANGU and PPP have always been a Nation Builder from Day 1. Over to you all, PNG!!!
Cho chocoo…this is absolutely correct…it is a norm with PNC to run the Country into debt traps as you have outlined…while the resources of the country are still available for extraction..we should ensure the right Gov’t is in palce to rescue us out of this debt…I like the idea for PANGU – PPP coaliation in 2022 and onwards
Out of all borrowings PO superseded and did the most borrowing ever by any PM either before or after, whole country knows about it. We may ask ,why did current PM and Don Polio both have to resign? Something to take
It is good for a developing country to have an acceptable level of debt 35%.
At least with the Oneil government you could see the country going forward
Free education, record low unemployment, new roads, new infrastructure, new airports, buildings, stadiums, university housing, health facilities put back on track for recovery. sports areas. New legal establishments.
All started with the Oneil Government.
Never seen by any previous government’s
The country was stagnant and disintegrating prior to PO initiative.
Country appears to be moving backwards again……..
Gary, you are obviously correct to some extent and probably in a better position to also provide detailed information on how do we get to paying off this ever increasing debt…we can say it is an exceptable level at 35% for a developing nation to manage its debt…but do we have the capacity to manage at this level given the current economic trend…how do we repay our debts with more debts
No man on earth is perfect. All are corrupted from the depths of their hearts. I think there’s no one to blame on. Stand out for the good of the people of Papua New Guinea and speak for a real and great change tomorrow. No more gambling in the parliament house. Generally all leaders I don’t trust. They all still swimming in the lake of corruption in this nation.
O’NEIL deserves some respect as opposed to some critics who are so deliberately becoming ignorant of the developments in the recent past years.
This current government is yet to prove itself whether it is prodevelopment growth of this country’s economy.
After much sarcastic discussions we need to take note of where the monies had gone through especially in the recent past years. To ignore of it is simply stupid and irrational.
Without reading the top comments by other readers, I personally and truly believe in the current treasurer, Mr. ling Stucky. Keep on going and doing what you are doing. PNG and God stand right behind true leaders.
If you are found to be misleading and lying to this nation, you and your government will be held accountable. However, my simple analysis of this article is inspired by my inner Spirit! Minister, go ahead and manage our finance. we depend on you. Thank you.
About time we all stop witch hunting, finger pointing ….etc.
The buck stops somewhere and all wrongs must be corrected, hence, current Government must put in place people who are capable of “Take PNG Back”
One way or another, all Members be it Government or Opposition must work together for our citizens survival and prosperity.
There are ‘Good’ and ‘Bad’ Politicians and directly or indirectly one can be “Corrupted” We voted them.
Nation development is evident with infrastructure changes and merit must be accorded respectively.
PNG is God blessed with abounded resources and it’s citizens survive with native instincts of Agriculture whilst the Political arena with Public Services are surviving and getting rich on the minerals.
Basically, its our Laws, Acts & Policies that were initially designed by smart ass National Lawyers including foreigner advisors that created loopholes for over-educated elites to sell this nation.
We can only recover the Nation’s debts by correcting the loopholes in our Laws that corrupted this beautiful nation.
Someone mentioned about return of PNC in 2022. Without no doubt at all PNC will be back in 2022 because Papua New Guineans have seen the massive infrastructure developments in the cities, towns, districts and even the LLG wards. How can people ignore the party that has performed and put in actions its policies by actually implementing it? PNC is the best party with best policies and for sure people will vote them back and even the current government knows that year 2022 will be the year of PNC party.
Only God can Judge and put things straight, only he knows the hidden motives and darkest thoughts in our mind and heart and HE concludes by finalizing his plans. Either our leaders do the wrong things for some right reasons or right things, only time will tell.
Our preview government was very unique for the all level of development it is history of PNG since independent… What all you support the current government I think all you are blind and stupid trying to under mind PNC government
No one is blind here, I for one will never vote for PNC comes 2022.Most parts of PNG are still lacking vital services and yet some of us tend to praise previous regime of developing Port Moresby only.The loan borrowed by Peter O’Neill will be repaid by million people of PNG and not Peter O’Neill and his cronies by
digging out from their pockets. Because of this stupid loan and some of our resources are sold cheaply to those multi national companies who are continuing to exploit PNG’s resources.
Comments are closed.