Samuel H. Basil 20th October 2013 The Opposition is now asking the Prime Minister Peter O’Neil a simple question, Mr. Prime Minister where are we heading now? Deputy Opposition Leader Hon. Sam Basil is calling on the Prime Minister to come clean now before it’s too late with straight answers to all Papua New Guineans on how his government will mitigate the effects of our declining kina against other major currencies. The ordinary Papua New Guineans are already struggling to make ends meet even before the depreciation of kina, basic food items is not affordable anymore, the worst the kina gets the more people will suffer. The O’Neil Government’s 2013 budget never prioritized Agriculture therefore with less government support we do not expect an increase in that sector especially at this time when high export earnings are expected. There will not be much to boast about the increases in the export earnings because the value of our exports will go in the same direction as the declining kina and the rise in basic goods and services. The government must come clear of its strategies on how they will cushion the effects of the weak kina against the rise of the costs of goods and services or how they can help to slow down or even better stop the free fall of kina back to its recovery mode. Here’s some advice to start of with, the current government needs to stop overspending because of the lack of physical liquidity in the market shows that the majority of Papua New Guineans are exposed to the huge deficit and a declining forex rate; furthermore, the O’Neil government needs to disclose Financials as it feels like PNG is heading on a road to nowhere without a map to give us direction; quite hypocritical when the Treasurer Hon. Don Polye has just been appointed as Chairman of a prominent international Financial organization and PNG is on the verge of the largest deficit it will experience with him at the helm, a legacy he will be remembered for. The opposition can further help by suggesting that the Prime Minister and his key ministers stop globetrotting and come back home to save some unnecessary expenses and also stop alterations, variations, and inflations of existing multi million kina contracts which seems to be their core focus since taking office. From a logical point of view, the Govt’s fiscal policy and the BPNG’s monetary policy are only undermining the very fabric of Papua New Guinean’s cost of living and the current PNC-led Government is only copying the previous PNC-led government under the late Bill Skate where our budget deficit only increased and the forex rate plummeted against the leading currencies because of high spending without care for the very citizens that elected them to Office. A smart Prime Minister who can mobilize billions of kina contracts for foreign companies should definitely have answers for his own economy. HON. SAM BASIL, MP DEPUTY LEADER - OPPOSITION
Posted on: Sun, 20 Oct 2013 22:36:56 +0000
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