PM O'Neill : Government has best advisors

Papua New Guinea Prime Minister Peter O'Neill, says his Government has employed the best advisors to steer Papua New Guinea clear from the financially trying times, it presently faces.

In a marathon of mud-slinging on the floor of Parliament yesterday, a few revelations were also made.

Among others, is that Papua New Guinea's total debt is at K17bn, an amount which Mr. O'Neill says is still ok..."which is below 37% of the GDP..." the Union Bank of Switzerland Loan..."its not K3bn, its K2.2bn.." and more surprising is that the Government has never locked prices for the country's LNG export to Japan, China and Taiwan as recorded in Parliament Hansard last year (according to Sinasina-Yongumugl MP Kerenga Kua), to insulate it from fluctuating world market prices.

This is despite securing a twenty year market agreement for the gas commodity..."our Prime Minister has given a contradictory position..." (MP Kua)

The Prime Minister also admits that the Kina is struggling under pressure..."31, 32 cents per US Dollar...", but he says, the Government has employed the best advisors to steer the country back into calm waters..."Doctor Jacob Weiss who has been managing our economy for 27 years. We are getting prudent advice..."

Prime Minister O'Neill says, despite the struggling economy, both the Central Bank and Treasury recorded a positive growth 9.2%last year. NBC/PNG Today