Scheme may promote economic growth

Letters, Normal

The National, Wednesday 15th Febuary 2012

The reintroduction of the Stret Pasin Stoa scheme by the national government through the National De­velopment Bank must be commended.
I wish to provide three reasons why it ought be viewed with optimism.
Firstly, it promotes fi­nancial freedom.
Working for the public or private sector has not been enterprising, and does not en­courage financial freedom.
We must become our own drivers of wealth creation.
The formal employment sector has more disincentives than incentives, and savings has not always been easy because the consumption culture is part of us.
This scheme, I believe, will give the people the financial breakthrough they badly need to start their own SMEs.
Secondly, the scheme may encourage Papua New Guineans to break away from the debt cycle and hand-out mentality.
We need to break away from business as usual.
I believe most Papua New Guinean-owned SMEs can spur development from within. 
Wealth creation and rapid economic growth in most Asian countries between the 1970s and 1990s was the result of state-led development.
State-led growth basically hinges on SMEs that are driven by the citizens. A good example is Bangla­desh’s successful Gra­meen Bank which encou­raged the poor to apply for micro-credit schemes.
Thirdly, we must be meaningfully involved in the development of our country.
Working and labouring for others is quite rigid and monotonous.
Being creative, innovative and self-assertive provide us with the freedom to take control of our destiny and create our own wealth.
The overarching idea is that if managed prudently, this scheme may become a catalyst for economic growth and development.

Teddy Winn
Port Moresby