Prime Minister Peter O’Neill has responded to criticism from Moody’s
ratings agency the Government’s rising debt levels, saying it was borrowing “to bring forward vital services”, including education and health. Moody’s has confirmed PNG’s sovereign rating at B1 and described as “transformational” the flow of liquefied natural gas that has just begun – with economic growth forecast to exceed 20% next year. The agency noted “a marked deterioration in fiscal and debt metrics over the past two years” – such that it could threaten a downgrade. O’Neill said: “I remain firmly of the view that the Government’s decision to increase debt to bring forward vital services such as free education and improved health services, as well as important infrastructure such as highways and roads, has been the right decision for our nation and our people.” “The position Moody’s have outlined on debt and debt reduction will of course be carefully considered by the Government. The Government stands by the decision to carefully increase borrowings.” – The Australian Comments are closed.
|
Papua New Guinea Breaking NewsPapua New Guinea daily News updates Let Your Voice be heard: Submit your news articles, commentaries, letters , Photos, Media Releases etc to us on this email: pngfacts@gmail.com
Mining & PetroleumTop Links |