JUNE 19 2022
PRIME Minister Hon. James Marape today delivered a powerful speech that cut through the heart of two governments’ management of the national economy since 2012 and his Government’s plan to attain surplus budgets and a debt-free economy by 2034.
Before a crowd that event organisers estimated to be over 10,000, the Prime Minister pulled no punches when he told Papua New Guineans that either they vote Pangu back to continue its reconstructive work in rescuing the damaged national economy to more success, or they make the mistake of returning PNG to the hands of People’s National Congress – former prime minister Peter O’Neill’s party that led the last government and ended up with many controversies against its administration.
The Prime Minister was speaking today at the National Capital District/Central Province Pangu Pati rally at Sir John Guise Stadium, Port Moresby, in support of his Pangu candidates from the Nation’s Capital and Central in an event that was also streamed live on social media for the rest of PNG and the world to tune in to. The leaders included sitting members Central Governor Hon. Robert Agarobe, Moresby North East MP Hon. John Kaupa, Moresby North-West MP Hon. Lohia Boi Samuel and new candidate and female contender, Ms Lucille Paru who is contesting the NCD Regional seat.
Summing up the speeches by the MPs – Agarobe on markets and tourism for Central and Kaupa on MSMEs for MNE – the Prime Minister laid bare for all to hear the facts and figures that spelled out just how damaged the economy of the country was at the time of his government’s takeover in 2019 – the result of gross mismanagement by O’Neill and his PNC-led Government.
“When we took over the government in 2019, our country was officially in recession,” PM Marape told the crowd in Tok Pisin.
“You can confirm this with World Bank, International Monetary Fund, Asian Development Bank, and our own Central Bank. By 2018, our country was already on record as officially in recession at Negative 0.3 percent growth. Basically, this means PNG had run out of money!
“This is the fact, a fact that is absolutely contrary to what O’Neill has been spinning lately that he had fixed the economy of the country!”
In added effort to put the record straight on the misinformation being spread by the former prime minister, PM Marape then moved onto the Gross Domestic Product (GDP) of the country, or the size of the economy (total amount of money PNG has during a certain period of time).
PM Marape said when his Pangu Government took over, the PNG economy was at K76 billion.
“This means that from 1975 to 2019, our economy grew to K79.6 billion. When O’Neill stole government from Sir Michael Somare, the economy at that time was at around K45 billion. So when you do your Math, in eight good years, the PNC Government grew the economy by only K35 billion.
“From when we took over government to now in 2022, the economy has surpassed K101 billion by our calculations.”
The Prime Minister continued by quoting reports by World Bank released earlier this year that estimated the PNG economy to do even better by some K8 billion more than what has been estimated internally.
“So guess what? To the doomsayers and those in the Opposition, World Bank has stated in March this year that PNG’s economy will hit K109 billion by the end of this year.
“In three hard years, by God’s Grace and by using an economic tool called Deficit Budget Financing Strategy, we have kept the economy of the country operational. James Marape is not stupid; I am the son of the everyday Papua New Guinean – I know what it feels like and how to help everyone right across the country.
“So Mr O’Neill I am telling you, in eight good years, when my gas was flowing out in 2014 and PNG was supposed to be alright, you grew the economy by only K35 billion.
“For me, in three hard years of recessed economy and COVID-19, I grew the economy by K30 billion. That’s my record.
“Within the next seven years, Pangu aims to grow the economy to over K200 billion, as I promised in my maiden speech of 30 May 2019. With our fiscal consolidation plan to bring budget to surplus in 2027 and become debt-free by 2034, the road we are traveling on is good.
“I ask PNG to consider Pangu for a full five years,” said PM Marape.
The Prime Minister’s message was received with loud applause by the boisterous crowd of Pangu members and supporters, all of whom were decked out in the bold party colour of Green which stands for growth, renewal and rebirth.
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