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Marape Govt's Secret IMF Loan will drive up Prices and hurt Papua New Guineans

The Leader of the National People’s Congress Party, . Peter O’Neill, , has called on the PNG Treasurer to confirm that the Government is negotiating with the International Monetary Fund for a new US$364 million loan through the IMF, that he has attempted to hide from the Parliament and the country.


Mr. O’Neill said to make matters worse, the new IMF loan is being undertaken by foreign consultants, and not Treasury Officials who are mandated by law to undertake these negotiations on behalf of the nation.

“This government came with a promise to the nation that there would be no more borrowings, yet the treasurer is going around the world seeking loans to finance his shortfalls in budget,” Mr. O’Neill said.

“In Parliament today the Treasurer refused to confirm on the floor of Parliament that the new loan is being taken out by the government.

“He is hiding this secret new debt, and probably has no idea of the terms and conditions because this is being negotiated by foreigners, and their decisions will hurt every man, woman and child in our country.”

Mr. O’Neill said the Board of the IMF is meeting in Washington on Friday to consider the Treasurer’s request for the US$364 million loan.

“We know that there was a Skype meeting this week between IMF officials and his foreign consultants.

“The Treasurer is bypassing the experience and knowledge that our Treasury Department officials have of our country and our economy, and this is clearly a move to hide the bailout package.

“This is the bailout package that James Marape denied this week was even taking place.

“He tried to plead ignorance on these issues, and say he is not aware of any Skype meetings taking place for the new loan or that foreign consultants are managing negotiations, and this is not good enough.

“The Treasurer has to be honest and tell the truth if there is a hidden new loan, and if this is being negotiated by foreigners.”

Peter O’Neill said that the government also has to reveal what are the terms and conditions of his new loan.

“The Treasurer has to tell the country if the IMF is imposing a devaluation of the Kina, and other conditions they put on developing countries like ours that further erode our National sovereignty.

“The forced devaluation of the Kina by the IMF will push up the price of everyday items like rice and fuel that every Papua New Guinean needs to use every day.”

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