Treasurer told to confirm new K1.2bil loan deal

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LEADER of the People’s National Congress party Peter O’Neill yesterday called on Treasurer Ian Ling-Stuckey to confirm that the Government is negotiating with the International Monetary Fund (IMF) for a US$364 million (K1.2bil) loan.
O’Neill claimed that the new IMF loan was being negotiated by foreign consultants and not Treasury officials who were mandated by law to undertake these negotiations on behalf of the government.
“This government came with a promise to the nation that there would be no more borrowings,” O’Neill said.
“Yet the Treasurer is going around the world seeking loans to finance his shortfalls budget.
“In Parliament today (yesterday) the Treasurer refused to confirm that the new loan is being taken out by the government.
“He is hiding this secret new debt, and probably has no idea of the terms and conditions because this is being negotiated by foreigners, and their decisions will hurt every man, woman and child in our country.”
O’Neill said the board of the IMF was meeting in Washington on Friday (tomorrow US time) to consider the Treasurer’s request for the US$364 million loan.
“We know that there was a Skype meeting this week between IMF officials and his foreign consultants.
“The Treasurer is bypassing the experience and knowledge that our Treasury Department officials have of our country and our economy and this is clearly a move to hide the bailout package.
Ling-Stuckey yesterday told Parliament: “I don’t know where that allegation comes from.
“I see nothing wrong with using advisers whether they be from Papua New Guinea or abroad so long as the advisers are competent and are fully committed to policies of the Government. In relation to a Skype discussion, I am not aware of that.”

10 comments

  • The money used to pay expensive consultants should be used to provide food and medical supplies to people who are affected and suffering during this State of Emergency period. Even when we are begging we seem to spend beyond our earnings.

  • This government came with a promise to the nation that there would be no more borrowings…Very very stupid in the eyes of PNG and other countries for silly promises without good management at end

  • We thought the new government will do better. Instead its performance is similar to O’Neil/Abel government.

  • James Marape told people of PNG that he won’t borrow money from a broad. PM JM is a lie to the people of PNG. He should apologize. His treasurer and finance ministers are not competent and should be replaced with qualified MPs.

  • PO has made an allegation. There is no evidence to prove that. We can not jump into conclusions. This is a political – point scoring game. PO has been smeared with and has enough mud on him. It is now time rub it off and throw it back. We should be mindful with our comments. PO is making an allegation against JM’s government.

  • There is no perfect leader in the world that we live in. PNG included. We should pray for our country and our leaders in all forms of government (National, Provincial and LLG’s).

  • Yes, there is no perfect leader and perfect government in this world since civilisation or democracy was established. That’s why we have government and opposition. Of course, the opposition will in most cases be opposive in any government decision. That’s all good as it’s in the spirit and purpose of a democratic system. The opposition in this case PO is keeping check on his predecessor. Yes, we all can recall PMJM stated that he won’t get any loan. As a former finance minister (not so long time lapse before becoming PM), he should be well vested with the economy of the country. Even if Covid19 pandemic had not happened, the country was still in a bad economic state courtesy of who else?. Both James Marape and Peter Oneil. I suppose PMJM made this statement to win favour, a emotion spur of moment without thinking. All these are recorded in the memory bank of PO. Now is his moment to return fire. I am sure PMJM is regretting that moment and will be careful that his emotions does not get the better of him. This is a classical case of what is called PNG POLITICS!. We deviate from addressing the core issues at hand in the interest of the country as a whole as attack only to discredit one. PO is used to absorb any attack. PMJM was an apprentice under PO’s wing and learnt all too well the art of politics. Supposedly they all come from the same source – Politics!

  • Mr Prime Minister You are a God chosen leader ,please select your companions well they can either ,build you or destroy you.Man is but a cunning creature, in the pretext of serving his people and doing good ,he has already device a plan and seeing a loophole where he will loot and escape from, just to benefit his lustful greedy and selfish desires..Godly man with wisdom can identify wolf in a sheeps cloth. Over to you Mr Prime Minister take back PNG through sacrifice no more borrowing please !!

  • Politics at best both from government and opposition. Stopping pointing fingers at each other for the wrongs, and focus on making “PNG The Richest Black Christian Nation in The World”. Can this be achieved? Its all bullshit and grab.

  • Our government will continue to borrow despite all. We cannot generate the revenue to cover our expenses as a nation on an annual basis. I know for a fact that our expenses increase every annually, with our increasing population. We can borrow money, there is nothing wrong with that. But the real issue should be what we use it for. Are we using it to grow our economy? By investing in important infrastructure or are we using it to fund things with no economic returns such as COIs or paying for consultants fees?

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