IALIBU-Pangia MP and People’s National Congress Party Leader Peter O’Neill says bad decisions by the Government have literally stopped any new investments, reducing cash flow and are now driving the economy towards recession.
O’Neill, in a statement, said failure to fund the budget for the first months of this year showed that the Government cash flow had been negative.
He said Treasurer Ian Ling-Stuckey was fixated on trying to rewrite the past as a means to avoid making hard decisions that would properly deal with the challenges faced today and into the future.
By Allan Bird
It was an eye opener for us to visit the Scenic Rim Council just outside of Brisbane this week. This Council of 40,000 people generates more than K4b to support the Australian economy. In comparison, East Sepik has 600,000 people and only contributes around K700m to the PNG economy.
The Mayor, Councilor Greg Christensen and his team have done an amazing job.
Discuss the advantages and disadvantages to a developing nation of receiving economic aid from other nations
The spirit of giving aid is magnanimous; it blesses the nation that gives and the nation that receives. An aid cannot be equated to alms giving nor it is a doling of charity. An aid assumes that the receiver can be sustained at the right time. It also assumes an equality sharing of the products not in the economic sense but in a social and altruistic sense.
After the World War II, the USA found the wisdom of helping under-developed nations and those that were battered by the war. By virtue of her position, the USA could help. Of course willingness was there and Marshall Plan under which the USA helped the European nations has become a classic example. The USA had a surplus of many goods which she could easily part with. This, of course, had an economic advantage for her for otherwise she would have to face a glut of goods leading on to recession.
This is an example only to show how economic aid had become a necessity in the modem world. There are nations which have had an advance start and so their economy has been sound. But there are many nations of the world who have to start almost from scratch. If these nations were allowed to starve by the most favored nations, the former may turn to ideologies other that democratic. All the things cherished by enlightened nations would be blown to pieces. This had happened despite the aid given to nations on the brink of starvation.
Former Papua New Guinea prime minister Peter O’Neill has predicted an unemployment crises to hit the national economy in the next 10 months due to the escalating coronavirus threat.
He said China as the engine room of the world economy is shutting down and that will mean dependant countries like Papua New guinea will feel the real pain especially loss of employment.
He said this at the 50th birthday celebration of Opposition Leader Belden Namah at the Gateway Hotel in Port Moresby last Saturday evening.
“People will ask- why is he here in the Opposition leader’s function, there must be something going on.”
THE K92 MINING Ltd, developer of the Kainantu mine in Papua New Guinea , expects to generate around US$1.1 million (K3.74mil) in sales revenue with every US$10 (K34) increase in the gold price this year.
Chief executive officer John Lewins was responding to questions from The National in regards to the increase in gold prices in recent months, and the effect on the company.
Papua New Guinea needs K20 billion a year to operate on a sustainable level and attain positive growth, according to Prime Minister James Marape.
Marape yesterday launched the Internal Revenue Commission 2020 work plan. He is confident that the amount can be generated if the country collects its fair share of taxes.
Papua New Guinea Economy Watch
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