Plan lacking: Namah

OPPOSITION Leader Belden Namah describes Budget 2022 as unrealistic and wants the Government to review it.
“The Government has no strategic plan for raising internal revenue. For a long time now, internal revenue has been at K11 billion to K13 billion. Now it wants to increase internal revenue to K16 billion, after shutting shut down Porgera, forced delays in Papua LNG and in getting the Wafi-Golpu of the ground.
“The Government also forced the closure of 14 forestry projects, including the processing plants which cost 7,000 jobs.
“Where is the internal revenue going to come from? Stop speaking flowery language, let us be realistic.
“The Government can only put excessive pressure upon the Central Bank to raise more money, to print more money and that will squeeze liquidity and interest rates up, thereby crippling local businesses, including small-to-medium enterprises (SMEs) and Micro SMEs.
“Taxing the banks and mobile company will pass on the cost to our people. BSP will probably withdraw from non-profitable towns and outstations, branches and it will move to towns and cities where it can make money.
“The people will be the biggest losers in this budget and in this bad decision to tax the commercial bank and Digicel,” he added.
Namah said the Government had been passing legislations to set up Kumul Minerals and Kumul Petroleum companies in the country but “these companies will further dilute their operations and will only declare a dividend back to the Government.
“Instead, the full amount should go into future generations funds and be parked in the Sovereign Wealth Fund.
“Unfortunately, I do not see any proactive measures on this by the Government.
“The large amounts of capital expenditure funds are being put away in central agencies which have neither the mandate nor the capacity to undertake such capital projects,” he added.
Namah referred to the case of National Planning and Monitoring Department which was allocated more than K2 billion for capital investment.
“Why park such a large amount of money in the department when you can give it directly to the districts and provinces.
“We do operate trust accounts and operating accounts.
“This is not a friendly Government to business and our people.
“It is definitely not friendly because it has demonstrated very clearly with its budget, unless it is revised. It will be very irresponsible of any MP to support this budget.”
“I am calling on the prime minister to withdraw this budget, have it reviewed and bring it back two weeks from now.”