Prime Minister Peter O'Neill has denied that his Government has opted to secure a 2-point-5 billion Kina Sovereign Bond while mortgaging the PNG LNG landowners 4-point-2-2 percent equity stake in the project.
Peter O'Neill said the matter referred to is not a Sovereign Bond but an instrument issued by the Central Bank to raise foreign currencies to balance its shortfall currently experienced in the country. "There is no bond issued for the landowners interest absolutely zero, you take it from me. The only bond that is been now perused by the Central Bank is to go out there and raise foreign currency one billion US dollars so that we can strengthen the kina because right now people who are trying to pay bills overseas are not able to get foreign currency. We have to pay our bills there's nothing free in this world. There is why we are going to issue Sovereign Bond which will be brought into the country that will replace most of the expensive debts and replacing that we will also have enough foreign currency to pay our bills."
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