Opposition Leader Don Polye has again called on Prime Minister Peter O’Neill to immediately review the 2016 National Budget. A similar call was made last year, but according to Polye it was implemented late and the country failed to cushion the external, economic shocks, resulting in cuts in public expenditures. He says last year the Prime Minister and his government left the 2015 Supplementary Budget to the end of the year adding that 2016 is a year that will make or break the PNG economy. Therefore theres a real need to manage the budget better from as early as the first quarter of this year. Mr Polye suggested that the 2016 National Budget be reviewed and redone through a Supplementary Bill. He alleged the government lied to the people in 2015 that PNG LNG gas sales was based on a ‘Forward fixed contract price’ and would not be affected by the drop in the oil price. The Opposition Leader quoted the government as saying in 2015 that " they were monitoring the commodity prices deepening situation and would take prudent action." But Polye calims all their decisions and actions fell short of fiscal prudence or fiscal consolidation. Mr Polye alleged the end result has been : "huge, unmanageable K26 billion deficit level which is unprecedented, disappearances of LNG gas sales and the PM saying PNG LNG revenues were being kept at BPNG and spending spree on unbudgeted, less economic areas and additionally, the accumulation of costly commercial loans has been the norm in 2015."
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