PNG BUSINESS LEADERS WANT GOVERNMENT TO REPAIR RELATIONS WITH IMF AND WORLD BANK

admin's picture

PORT MORESBY, Papua New Guinea (June 21, 1999 - Radio Australia)---Business leaders in Papua New Guinea have called on the government to patch up differences with the World Bank and the IMF, so the country can obtain badly needed funds to cover national budget expenses.

With a falling kina and a slow response in Washington to funding a bond issue, the PNG government has introduced a series of economic measures to restore confidence in its fiscal management.

However, the kina has continued to fall and the PNG Chamber of Commerce has said the measures have put severe pressure on local financing systems.

Chamber spokesman Michael Mayberry told Radio Australia's Pacific Beat, program that the government must now look closely at the value it is getting from its highly-paid, expatriate special economic adviser and agree to close down the politicians' slush fund.

"The problem is that we have seen over the years a number of politicians that have been taken to task over it (the slush fund) and some of them have been charged under the leadership code with abusing the system," Mayberry said.

"And so we're saying it is open to abuse and that is, I think, the main concern (of) the IMF and the World Bank."

For additional reports from Radio Australia, go to PACIFIC ISLANDS REPORT News/Information Links: Radio/TV News/Radio Australia.

Rate this article: 
Average: 3 (1 vote)

Add new comment