By Staff Reporter

K37 Billion Borrowed, But Where Are the Results? PNG Opposition Blasts Marape Government

25/11/2024

The Marape Government has come under fire for borrowing K37 billion over five years, raising the national debt to over K62 billion, yet showing little to no tangible results for Papua New Guineans. James Nomane, MP, Deputy Leader of the Opposition and Shadow Minister for Treasury & Finance, has criticized the administration for what he describes as unprecedented borrowing and reckless fiscal management.

According to Nomane, the debt increase of 148% since 2018 far exceeds that of all previous governments combined, yet the funds have allegedly been spent on consumption rather than productive investments. He claims that this borrowing spree could have transformed the economy by creating one million high-paying jobs, modernizing agriculture, and attracting foreign direct investment, but instead, it has resulted in wasted opportunities and failed policies.

Nomane warns that the growing debt burden, with a debt-to-GDP ratio now at 52%, is unsustainable and will lead to higher taxes and greater hardship for the people. He accuses the Marape Government of prioritizing wasteful spending and crony capitalism while neglecting critical sectors such as health, education, and infrastructure development.

The 2024 National Budget has also drawn sharp criticism from Nomane, who claims it fails to address the cost-of-living crisis, mounting public debt, and declining socio-economic indicators. He calls for the 2025 Budget to take a more disciplined approach by reducing government spending, cutting taxes, and focusing on reducing debt to alleviate poverty and restore confidence in the economy.

Nomane has called on Prime Minister James Marape to step down, citing weak leadership and a lack of vision for economic reform. He also urges Members of Parliament to put their people first in the upcoming Budget session, rejecting policies that perpetuate financial mismanagement.

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