Posted By Staff Reporter
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. The former prime minister said Ling-Stuckey agreed to a set of revenue estimates for each month, and to date none had come anywhere near being achieved.
“This means that the component of school fees the Government said it would fund will likely not be paid, and there will be no money for district and provincial services improvement programmes needed in the regions. “Since January the budget has been funded by actions and the movement of money that are actually in breach of IMF (International Montary Fund) processes. “This places at risk the immediate draw-down because the International Monitory Fund might not legally be allowed to facilitate the payment of the funding they propose,” he said. O’Neill said Ling-Stuckey had sought to politicise his exaggerated debt level, and now there was no one wanting to lend money to the Government. “He has run out of options and all he can do is to bow down to the neo-colonialist demands of the IMF, and this is a situation that is all of his own making. “Our country needs a strong relationship with the IMF as a leading global financial institution, but not in the terms of this programme. “Now there is no buffer as the Government had failed to negotiate business with Exxon, Total and Wafi, and they have to now try for a revenue Plan B before it is too late. “This Government must act swiftly with a stimulus plan for the economy,” O’Neill said. Statement Next : Papua New Guineans Need To Focus On The Economy And Jobs Comments are closed.
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