Parkop wrong on more loans

 NCD Governor Powes Parkop’s comments in Parliament on July 5 regarding “borrowing is now a necessity” and “there is nothing wrong with borrowing above the debt-to-gross domestic product ratio of 35 per cent” must be challenged by all taxpayers in the country.

As far as I am concerned, it is the first time for an MP to speak as if he was the Finance Minister or Treasurer (or their secretaries) regarding something that will affect the nation’s economy and may be outside the MP’s expertise.

A few educated professionals have from time to time called on the Government to go easy on borrowing knowing that the debts accumulated may take years to repay and the taxpayers in the country will be burdened. The MPs are not going to repay the loans – it is the working people who pay taxes.

As in our homes, so must it be in the hallways of Waigani, we must all strive to borrow less, save more and stringently manage the millions or billions of kina that are now passing through our hands.

The Bible (KJV) says in Proverbs 22.7: “The rich ruleth over the poor, and the borrower is servant to the lender.”  

We the people in PNG do not want to be servants to an international organisation, country or multinational financier. We want to be free and that our future generations should not be burdened by the wishes of some to build a nation on a lot of borrowed funds. 

We want the Government to invest in the coffee, cocoa, tuna and other sustainable green industries which can add hundreds of millions of kina into the national coffers annually. 

Parkop has said that the economy was booming but we all know that it is because of the LNG projects that we have a lot of, or the promise of a lot of, money coming into our country. In other words, Parkop is like the other senior ministers in the Government, whose eyes are locked in on LNG and, who are not working to develop our other industries, sectors that have supported the nation’s economy before and after Independence.

I am surprised too that Parkop wants to borrow more when the National Capital District Commission. It has much more coming into its coffers from taxes paid by firms operating in the city, as well as land in the city that it may be leased to people who want to do business.

Is the money coming through NCDC not enough?

We must borrow less, properly manage what we have, save more and invest in projects that can generate more money. 

We cannot spend tomorrow’s savings today.   

PNG Tauna

Port Moresby