PNG needs a bill to stop capital flight

Letters, Normal

NORTH Fly Member Boka Kondra’s proposed bill to amend the Mining Act and Oil and Gas Act has drawn a heated debate.
Different writers have aired their views and concerns.
While Papua New Guineans are expressing their views, it is learned that foreigners have been meeting some key politicians and writing to MPs not to support the bill.
This demonstrates a direct interference with our democracy again by foreigners with vested interest.
MPs represent their electorates and they must vote in accordance to the wishes of their people.
The learned writers in favour or against the bill contributed intriguing points worth careful consideration by politicians.
I hope and pray that all MPs will vote with a clear conscience, representing their voters’ interest and not the foreigners’.
Past experiences have shown our leaders’ failure to negotiate for maximum benefit for PNG and its people.
It is through these egocentric practices the country is enslaved by foreign corporations and led to huge capital flight, amounting to some 80%.
I would instead recommend a bill restricting foreign corporations from taking out huge sums of money and that a certain percentage of earning must be banked in PNG to allow local entrepreneurs to borrow to start a business venture.
This will become a revolving fund to build our economy.
In view of Bougainville experience and the present pathetic management of our resources, I strongly believe every effort should be made to give maximum benefits and equitable share participation to the National Government, provincial governments and landowners.
There is no reason why PNG cannot negotiate (demand) for 50% equity share.
What viable physical development can 2% equity shared by provincial governments and landowners bring when it is shared?
The Kondra bill in its present form is dangerous.
It is narrow and poorly researched.
There is no doubt it would be detrimental to our economic and social well-being if passed.
What PNG needs is a bill that would give 50% or 51% ownership of all resources to Papua New Guineans, or have 100% controlling interest and foreign corporations are contracted to develop our resources and pay them contractual and management fees.
There is a huge demand for energy resources and even if the current developers were to back off, there are others who will come in.


Mava Haropula
Townsville, Australia