MP wants US$1b from PNGSDP to be released to address decline in foreign reserves

Sir Mekere Morauta

A Member of Parliament has suggested that the National Government and Sir Mekere Morauta must agree and release 1-billion US dollars from the PNG Sustainable Development Program (PNGSDP), to address the decline in foreign reserves in the country.

Sumkar MP Ken Fairweather in an open memo to Prime Minister Peter O'Neill and Sir Mekere says, PNG is facing a crisis in currency through foreign reserves with general business activities down by 30 per cent.

His letter was published in the Post-Courier yesterday.

Mr Fairweather estimated that bringing 1-billion US dollars out from PNGSDP to Central Bank to lend to commercial banks, will boost PNG's economic activity by 20 per cent.

However, this money belongs to the people of Western Province, which can only be released to them for their development projects purposes upon the closure of the Ok Tedi Mine. NBC/ PNG Today