Prime Minister Peter O'Neill calls on people to embrace stability

PNG Prime Minister, Peter O’Neill  has urged the people of Papua New Guinea to embrace just how important political stability was to the future of the people of the nation.

“We are living in a very uncertain world economic environment, and we are no longer able to fully isolate Papua New Guinea from the impact of global economic conditions,” Mr O’Neill said.
“We are now a significant supplier of the LNG to meet global needs, and LNG is a commodity significantly impacted in terms of both price and demand by the downturn in international economic conditions,” he said.

“In an uncertain global environment, we must maintain the unwavering political stability, and sound economic management.
“It is this approach that enabled our first LNG project to become operational ahead of schedule, and to be delivering high quality LNG to the markets of the world.
“The next LNG project will begin next year provided we maintain a stable political and economic environment.
“These factors are the number one requirement of investors in multi- billion kina projects such as Papua LNG,” the Prime Minister said.

“The same stability and confidence is going to be critical to other gas resource projects, and mining projects such as the massive Frieda River project which will be one of the world’s largest copper projects when completed.”
PM O’Neill said the strong political stability and sound economic management delivered by the Government over the last four years has enabled the successful negotiation of the K1.6 billion sovereign bond loan.
“This loan will assist with the funding of vital services and improve the foreign exchange position that had adversely impacted on the private sector, and on individuals.
“The Leader of the Opposition wants to try and block this loan – even though economists agree it is not only a loan granted on favourable terms.
“The Leader of the Opposition cares only about trying to score political points, without any regard for the consequences for the economy or for individual businesses,” Mr O’Neill said.
“The loan has been secured to meet circumstances largely beyond the control of the national Government, and the continuing impact of low world oil and agricultural commodity prices on the Papua New Guinea economy.
“Papua New Guinea is one of many countries, both developed and developing, that have sought additional loan support to address the impact of low commodity prices on their budgets, and their foreign exchange situations.
“We have been able to secure this absolutely vital loan because our political stability has been strong, and the overall management of our economy has been responsible.”
“I urge my fellow citizens, right across the nation, to appreciate just how vital political stability is to our future. The reckless behaviour by the Opposition must not put our stability, and our future, at risk.
“We have the capacity as a nation, and a community, to not just overcome the impact of low commodity prices but to deliver strong economic growth that will ensure the major projects nearing approval will be delivered.
“The world commodity price situation is an obstacle to project approvals in many countries, though I am confident we have the capacity to overcome that obstacle better than most countries can.
“The one threat to the sound growth would be a lurch into political instability, especially between now and the national elections that are now only months away,” he said.
“That is why the recent and current behaviour of the Opposition is just so contrary to the national interest,” The Prime Minister concluded.