Port Moresby, Papua New Guinea - The Papua New Guinea Opposition has issued a strong warning to the government, urging them to take immediate steps to revive the country's ailing economy, which they say is on the verge of collapse. Kerenga Kua, the Shadow Minister for International Trade and Investments, expressed his alarm after a disturbing revelation that more than 90 businesses across the nation have begun liquidation procedures in the past year. "Over 90 companies in Papua New Guinea have begun the worrying process of liquidation in the last year, serving as a stark wake-up call," said Mr. Kua, emphasizing the seriousness of the economic crisis. Highlighting the gradual decline of the business environment over the past five years, Mr. Kua pointed to several indicators that suggest systemic economic trouble. "Companies don't go bankrupt overnight. What we're seeing is a significant breakdown in the conditions that make Papua New Guinea a good place to do business," he argued. Attributing the decrease in business productivity and profitability to what he called the mismanagement of the country's finances since Prime Minister James Marape took office in 2019, Mr. Kua outlined a bleak path of economic hardship. "The signs of our economic sickness have been there for years, from a surplus of empty commercial and residential buildings to loan defaults and mortgagee sales, and now culminating in the surge of liquidations," he said. Placing the blame on Prime Minister Marape for what he perceived as a lack of business knowledge and a failure to understand and address the underlying issues, Mr. Kua emphasized the seriousness of the situation. "The Opposition's concerns are justified. The economy is undeniably in a critical state, with businesses across the board either struggling to stay afloat or on the verge of collapse," he cautioned. As the nation grapples with growing economic challenges, the Opposition's demand for decisive government action highlights the urgent need for comprehensive reforms to stabilize Papua New Guinea's economy and pave the way for long-term growth. Also read Comments are closed.
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