PM urged not to derail development programmes

OPPOSITION Leader Patrick Pruaitch has urged Prime Minister Peter O’Neill not to “derail social and economic development programmes sponsored by the PNG Sustainable Development Programme (PNGSDP) in Western.
Pruaitch supported the statement by the Western MPs led by Governor Taboi Awi Yoto that the recent Singapore High Court ruling would should protect the programme from “political interference or outside control”.
The statement was signed by Yoto, Middle Fly MP Roy Biyama, South Fly MP Sekie Agisa and North Fly MP James Donald.
“When BHP Billiton exited the Ok Tedi mining project almost two decades ago, it gifted its 52 per cent equity stake to PNGSDP as a vehicle to promote economic development and mitigate against the impacts of anticipated mine closure in Western,” he said.
“PNGSDP is a model entity that operates like a sovereign wealth fund. It has done an excellent job in nurturing its long-term fund which now stands at over K4 billion.
“PNGSDP has been transparent in its operations and has published fully-audited annual reports since its establishment in 2002. Its annual reports can be viewed on the PNGSDP website and the latest, for 2017, showed it had grown by 7 per cent in 2017 to US$1.4 billion (K4.7bil).”