The P-N-G Sustainable Development Program, is making a critical decision to stall all projects it has been undertaking in the country, particularly in the Western Province.
P-N-G-S-D-P Chairman, Sir Mekere Morauta, announced the board's decision, after dividends, including other payments were halted through the State's recent expropriation of the Ok Tedi Mine. Sir Mekere, says the government has instructed OK Tedi, not to pay the 2012 dividend due to the company, this year P-N-G-S-D-P receives a total of 350-million U-S dollars, about 986-million Kina annually, from which two-thirds is invested in long term funds and one-third into development projects. But with the recent decision, 97 projects worth 250 million Kina, are now affected. "We have decided to stop 97 projects throughout Papua New Guinea worth 250-million kina. "192-million kina in Western Province and 587-million kina in PNG. "We have been left with no choice but make that decision. "Question of solvency. "We don't have the money," Sir Mekere said. Meantime, P-N-G-S-D-P staff have been told through a circular, to look for jobs by the end of this month, as there's also no funds for its operations. Comments are closed.
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