Save the economy

THIS country really needs a leader that is bold and visionary at this time of unprecedented global crisis.
A leader that will make hard and wise decisions that will bring comfort to the whole population of this country.
That is from the country’s economic engine rooms such as big businesses and investors to the ordinary person on the street selling items to survive.
If the Government was visionary enough, it would have allowed resource projects Papua LNG and the Wafi Golpu to proceed into the final investment decision (FID) and construction when they took over government last year.
This would have tied in the resource development dollars which now will take us some time to attract due to the current global crisis and the price of oil which is at all-time low.
The tying in of these projects would have created security for us to borrow money from donors in situations such as the current Covid-19 to provide support such as stimulus packages.
Since it is a global situation and around 80 countries have made requests to the World Bank for help, priority will be given to the countries who fund the bank and have security to repay the loan.
The Government has made assurances that local institutions such as superfunds and banks will allow flexibility on money to be withdrawn and pumped into the economy as an economic stimulant.
However, unemployment will be at its peak with no major projects to give some security therefore these institutions will not be at ease to easily release their funds.
After all, they are accountable to their shareholders.
The Government should tell the country where the K1 billion Australian loan received last year is.
It can be the base to put together a stimulus package to relief both individuals and businesses as what other countries are doing at the moment to stimulate their economies.

Tore Kila,
Pom, NCD