O'Neill Provides Response to PNG PM Marape's Call for Economic Advice
Hon. Peter O’Neill, CMG, MP, has provided perspectives on immediate steps required to start recovering growth and development in the National economy following the request for ideas from Hon. James Marape, MP, today.
“Instead of blaming everyone else but himself, and attacking the author of this latest report, Marape should listen for a start instead of living in a dreamworld,” Mr. O’Neill said.
“The ANZ Bank, as the author of the Pacific Insight Report, is one of many independent economic organisations sounding the alarm, such as just about every business in our country, Chambers of Commerce, the resources sector and our multilateral partners.
“Marape’s admission that he has no idea what to do, and is finally reaching out for our help, gives some re-assurance. “I will gladly tell Marape what he should do to get the economy out of the mess he created, and the first step is he must immediately comply with the law and release the Mid-Year
Economic and Fiscal Outlook (MYEFO) report that was due in July.
“Then we can have a clear picture of the economy, the extent of the damage, and his billions of Kina in borrowed funds can be recovered and re-prioritised.
“Without having sighted the overdue MYEFO, the immediate steps are obvious in any case. Get the resources sector working by concluding the many agreements he has failed including Papua LNG, P’ynang, and Wafi-Golpu, immediately re-open Porgera mine, and get Ok Tedi back to business.
“He has to strengthen IRC in collecting overdue taxes, provide taxation relief to get business moving and bring back investment to stimulate the economy that will generate government revenue, instead of just borrowing billions and billions of Kina that appear to have now gone missing.
“He only needs to talk to the business community to understand the absolute lack of confidence they have in this government’s ability to manage the economy, let alone attract new investment into the country.
“Further stating what is obvious, one of the reasons for the ongoing economic policy failures, is that this government is ignoring the advice of experienced economic advisers with extensive working knowledge in the key sectors of the PNG Economy.
“There are far too many inexperienced foreign consultants providing confused advice to government, that is not applicable to our economy, and this only serves to further undermine policy development and implementation, and harm relationships with domestic and international economic stakeholders.”
Statement
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