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« Religious leaders must not be mouthpieces for politicians | Main | If you are not genuine, keep out, & don’t call us cannibals »

31 January 2016

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Financial crisis due to poor management.

In PNG's case, it's always someone else's fault when we're facing the difficulties we're experiencing right now.

Well Mr O'Neill must be relatively satisfied that PNG has maintained it's score of 25 over the last four years in Transparency International's index of perceived corruption.

The ranking goes from 1 - 100 - 1 being the most corrupt, 100 the least. It's a complex and subjective measurement as TI themselves point out, noting that some high scoring countries have businesses which operate in and perhaps facilitate the low score of other countries.

Corruption by its very nature is all but impossible to measure objectively.

So no one comes out squeaky-clean.

But a score of 25? Frankly Mr O'Neill, we DO give a damn.

https://www.transparency.org/cpi2015

In the 1970s we had one mine, the Panguna copper mine. We relied predominantly on agriculture for export revenue. Things were relatively good. Today we have several mines and the economy is a shambles. What happened?

Much of the Asian region and resource dependent African nations are also suffering from the low commodity prices, reduced demand and the El Nino. PNG's just somewhat worse affected by some somewhat cavalier economic (including monetary) management, over-expenditure, heavy borrowing and poor utilisation of public expenditure, so that there's limited economic and social benefit. Most of the overall policies were sound, but often sidelined and application poor.

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