Posted By Staff Reporter
Papua New Guinea Treasury Minister Ian Ling-Stuckey has stated that the country would take years to fix a K50 billion debt that was inherited from the previous governments. “Eight years ago, PNG’s debt level was K8 billion. Our best estimate was that by mid-2019, this had lifted to K37.6 billion using international debt standards. The level of debt arrears is now conservatively estimated at least K4 billion higher,” Mr Ling-Stuckey said. He said the budget deficit legacy would add at least another K8.4 billion to PNG’s debt levels. “Add it up – K37.6 billion plus extra arrears of K4 billion plus a budget deficit legacy of another K8.4 billion even with years of tough budgets.What an awful inheritance.
“And this is not about a blame game. This is about explaining clearly and honestly, the starting point of what Marape inherited a little over a year ago. “This is about responding to his relentless and blatant lies on key metrics of the budget and painting a picture that somehow, the PNG economy decimated by the global economic downturn, declared by the IMF, which in turn was decimated by the Covid-19 pandemic, is now Marape’s fault?” He said a record deficit of K4.6 billion exposed by a Due Diligence exercise endorsed by the IMF in 2019, that was extended into the 2020 budget. Post Courier/PNGEconomyWatch Next : PNG Economy Set Back By K10.7 Billion, Says Ling-Stuckey Comments are closed.
|
Papua New Guinea Economy WatchThis blog page updates all the Economy activities in Papau New Guinea. ..Get Free Webpage for your company/Organisation . Contact us Mining & Petroleum |