PNG Opposition Leader Belden Namah's lies on IMF,says Ling-Stuckey
Statement by PNG Treasury Minister Ling-Stuckey
The Leader of the Papua New Guinea Opposition has released an extremely misleading statement claiming the Marape-Steven government will force up the prices of all imported goods by more than 20 per cent. That is a lie.
After only a short time of having the O’Neill forces in opposition, the Leader of the Opposition has fallen into the same lying habit.
He used to call O’Neill a liar. Now he has already fallen under that O’Neill influence. What is in this for him? What is he trying to do by imitating O’Neill? Why is he lying to the people of PNG?
Namah’s statement is extremely irresponsible. As the country is facing a major economic crisis because of the coronavirus COVID-19, he jumps up on his high horses and blurts out lies that will damage the economy.
He has started rumours around business circles that the IMF is imposing a devaluation of the Kina of over 20 per cent. Where is his evidence for that? I challenge him to come out with any factual basis at all for his claims. He won’t be able to do that because there is no basis for his claims.
I am going through and releasing all of the 31 KPIs included in the IMF Staff Monitored Program. The revenue ones are out, the budget ones had already been given to the press today, the remaining ones are being released over coming days.
It is very, very clear that the KPIs are from the Marape-Stevens economic reform program. Of course the standard SMP announcement from the IMF is always similar as they have to meet their own internal rules.
But if you look at the actual KPIs in the program documents, it is all about PNG’s home grown reforms. There is no IMF imposed condition of a devaluation of over 20 percent.
And if he had half a sensible economist advising him, they would have mentioned that a 20 percent devaluation would immediately lift rural incomes by 20 percent because the value of all coffee, cocoa and other cash crops also goes up by 20 percent.
So every bag of coffee gets 20 percent more Kina. And a 20 percent devaluation would translate to a 6 per cent shift in average prices, not a 20 percent increase.
There are no plans at all for such a large devaluation – but please don’t try and scare the nation by not indicating that a move in the exchange rate has both winners and losers.
I am glad he mentions Zimbabwe for his bedmate O’Neill was taking PNG down the Mugable-Zimbabwe path. Massive deficits, printing money, bad investments, higher tariffs imposing costs on consumers.
Inflation in Zimbabwe in 2019 was 80.8 percent. So what is the legacy of O’Neill: a massive budget hole, a massive debt hole, a massive foreign exchange hole, a massive growth and jobs hole.
So Namah is stooping so low, grovelling to the O’Neill forces, and attacking PNG’s home grown economic reform program to slowly start climbing out of the O’Neill mess.
“I will continue releasing the facts about the IMF program. As I’ve indicated in my earlier press statement today, I wish I had been able to set out all the facts and KPIs on this program earlier.
Recent time being spent on economic preparations for the coronavirus as well as the general cash flow crisis left to this government has meant that I have not had the time to fully explain the program and its various performance criteria.
However, this does not excuse the irresponsibility of the Opposition Leader in stirring up rumours and inaccuracies. He should be ashamed of himself.
He may think that this is somehow positioning himself to be Prime Minister. He does himself and the country a disservice. Grow up Beldan! Deal with the facts.
Oppose with the facts. Propose alternative policies based on the facts. No more lying please.
Hon. Ian Ling-Stuckey, CMG. MP
Minister for Treasury
Next :
The Leader of the Papua New Guinea Opposition has released an extremely misleading statement claiming the Marape-Steven government will force up the prices of all imported goods by more than 20 per cent. That is a lie.
After only a short time of having the O’Neill forces in opposition, the Leader of the Opposition has fallen into the same lying habit.
He used to call O’Neill a liar. Now he has already fallen under that O’Neill influence. What is in this for him? What is he trying to do by imitating O’Neill? Why is he lying to the people of PNG?Namah’s statement is extremely irresponsible. As the country is facing a major economic crisis because of the coronavirus COVID-19, he jumps up on his high horses and blurts out lies that will damage the economy.
He has started rumours around business circles that the IMF is imposing a devaluation of the Kina of over 20 per cent. Where is his evidence for that? I challenge him to come out with any factual basis at all for his claims. He won’t be able to do that because there is no basis for his claims.
I am going through and releasing all of the 31 KPIs included in the IMF Staff Monitored Program. The revenue ones are out, the budget ones had already been given to the press today, the remaining ones are being released over coming days.
It is very, very clear that the KPIs are from the Marape-Stevens economic reform program. Of course the standard SMP announcement from the IMF is always similar as they have to meet their own internal rules.
But if you look at the actual KPIs in the program documents, it is all about PNG’s home grown reforms. There is no IMF imposed condition of a devaluation of over 20 percent.
And if he had half a sensible economist advising him, they would have mentioned that a 20 percent devaluation would immediately lift rural incomes by 20 percent because the value of all coffee, cocoa and other cash crops also goes up by 20 percent.
So every bag of coffee gets 20 percent more Kina. And a 20 percent devaluation would translate to a 6 per cent shift in average prices, not a 20 percent increase.
There are no plans at all for such a large devaluation – but please don’t try and scare the nation by not indicating that a move in the exchange rate has both winners and losers.
I am glad he mentions Zimbabwe for his bedmate O’Neill was taking PNG down the Mugable-Zimbabwe path. Massive deficits, printing money, bad investments, higher tariffs imposing costs on consumers.
Inflation in Zimbabwe in 2019 was 80.8 percent. So what is the legacy of O’Neill: a massive budget hole, a massive debt hole, a massive foreign exchange hole, a massive growth and jobs hole.
So Namah is stooping so low, grovelling to the O’Neill forces, and attacking PNG’s home grown economic reform program to slowly start climbing out of the O’Neill mess.
“I will continue releasing the facts about the IMF program. As I’ve indicated in my earlier press statement today, I wish I had been able to set out all the facts and KPIs on this program earlier.
Recent time being spent on economic preparations for the coronavirus as well as the general cash flow crisis left to this government has meant that I have not had the time to fully explain the program and its various performance criteria.
However, this does not excuse the irresponsibility of the Opposition Leader in stirring up rumours and inaccuracies. He should be ashamed of himself.
He may think that this is somehow positioning himself to be Prime Minister. He does himself and the country a disservice. Grow up Beldan! Deal with the facts.
Oppose with the facts. Propose alternative policies based on the facts. No more lying please.
Hon. Ian Ling-Stuckey, CMG. MP
Minister for Treasury
Next :
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