PNG Opposition Leader Has Raised Concern About Recent Media Reports On The Rising National Debt

Opposition has warned the government repeatedly on this issue, PM is 'economically illiterate'

PORT MORESBY, Papua New Guinea (PNG Post-Courier, August 04, 2016) – Mr Polye described the rising debt level as a result of the rushed unrealistic 2016 Budget which was impossible to achieve the desired sustainable economic results.

"The Government failed in the austerity measures, and now the country is in recession and may slide further if no reliable policy measures are applied," he said in a statement yesterday.

"The Opposition has warned the Government over the years on the rising national debt level. The Government and Treasury chose not to listen. Treasury Department should have come out earlier to warn of the surging national debt. Now it is late, national debt has reached historic levels," Mr Polye said. He said the rising debt level is the doing of the Government of Prime Minister Peter O’Neill, whom the 85 Members of Parliament supported in the last Vote of No Confidence. He said the 85 members made a huge political and economic mistake in the history of the country to have confidence in a Prime Minister who is running Papua New Guinea into huge debt levels.

"The Prime Minister solely should be blamed for mismanaging the economy into unsustainable debts.

‘He is economically illiterate. The Ministers for Finance and Treasury should also take responsibility, it shows they are not fit to manage the economy and the country is in the wrong hands" he said.

Mr Polye called on the Government to immediately review the 2016 Budget because the budget has failed, become useless and urgently require corrective actions.

PNG Post-Courier
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