OCTOBER 20TH 2021
Prime Minister Hon. James Marape says his Government has managed the Budget well in the worst economic conditions in a century, including repairing the massive economic damages under Hon. Peter O’Neill’s leadership.
“The former Prime Minister ignores that his leadership flaws over the recent past eight years is the cause of our economy being exposed and weak, ” he said.
” It depicts a leader who cares less about the country and only for self-gratification.
“Under my watch , despite tough times, we retired debts of the last government, paid our bills and kept the economy afloat through our Budget interventions while working to grow our economy.”
This, the Prime Minister said, was well covered in the ‘Ministerial Statement on the 2020 FBO and 2021 MYFEO and the Path Forward’ by Treasurer Hon. Ian Ling-Stuckey in Parliament last month.
He said Papua New Guinea was still reeling from the expensive debt, inflicted on the nation by O’Neill, but the Ialibu-Pangia MP had the audacity to cast blame on his Government.
PM Marape said his Government was being blamed for having to borrow K7.6 billion in 2021 to support vital Budget expenditure, however:
· K2 billion was used to pay off O’Neill’s interest bill;
· K1.2 billion was used to pay O’Neill’s arrears; and
· K1 billion was used to pay off O’Neill’s UBS loan.
The K7.6 billion raises debt to K40.168 billion, the bulk being from the O’Neill years from 2011-2019.
“The figures speak for themselves,”PM Marape said.
“Of the K7.6 million we borrowed, K4.2 billion – 55 per cent – was because of O’Neill’s expenses and O’Neill’s arrears.
“A further K2 billion was borrowed because of the loss of revenue due to COVID-19.
“Peter O’Neill should bite the bullet and admit that without his loans, and without COVID-19, our economy would be performing much, much better.
“Countries the world over are suffering from the effects of COVID-19, however, Peter O’Neill doesn’t want to accept that and singles out PNG for his own political gain.”
PM Marape said despite COVID-19, his Government was spreading developments throughout the country to keep the rural economy alive, including K1 billion on road programmes under ‘Connect PNG’ to lift growth by linking farmers and businesses to markets in PNG and the world.
PM Marape said when O’Neill pointed the finger of blame at him, the other fingers were pointing back at himself.
“The Bible says, ‘Let he who is without sin, cast the first stone’,” he said.
“Peter O’Neill, being who he is, should not be casting stones as all the stones will be cast back at him. He should be have some respect for his people and supporters and sometimes appreciate that others are cleaning his mess and dirt.
“The Treasurer said it all last month, however, O’Neill, being the ‘serial liar’ that he is – a phrase coined not by me but by his Opposition partner Belden Namah – chooses to blame my Government with the elections just six months away.
“This is mere politicking to deflect attention from his own failures and sins.”
PM Marape said PNG’s debt interest costs were decreasing under his Government, with K1.01 billion paid in the first six months of this year, compared to K1.04 billion in the first half of 2019 under O’Neill.
“Falling interest costs now mean freeing up funds for vital investments,” he said.
“O’Neill’s interest costs rose by over 400 per cent, from K460 million in 2012 to K2.10 billion in 2019.
“Every toea of that meant equivalent cuts to vital Government services like health, education, infrastructure and services – leading to a declining quality of life.
“My Government is now paying off O’Neill’s expensive debts and replacing them with cheaper debt.
“My Government is one that cares for the people, not one that fattens its cronies and hangers-on like he was doing.
“And as a former national leader, he should be offering solutions and not politicking in all instances.”
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