PM lays debt blame on past govt

PRIME Minister James Marape says the country’s debt of K40 billion was carried over from previous years.
“The total inherent national debt we were carrying built up to K40 billion,” he said.
“The total national debt translates across even the state-owned enterprises (SOEs).
“We were weak all over the place. Fundamentals were shaky.
“My Government when we took office, continues to clean up legacies of the past nine to 10 years.”
Marape noted that when the country produced PNG LNG and sold the first gas in 2014 no dividend was declared by Kumul Consolidated Holdings (KCH).
“Coming out of surpluses, 2009, 2010, 2011 – construction of PNG LNG project.
“First gas in 2014 instead of posing for growth we have set ourselves into an economic mess.
“2015 was the last time KCH ever declared a dividend.
“Why was there no dividend in those years when there should have been positive economic growth?”
Marape urged the nine SOEs under KCH to start operating as business entities.
He also directed KCH to work closely with agriculture, forestry, fisheries and manufacturing sectors to bring state entities under its wing to achieve desired national outcomes.