I’M urging my fellow citizens to brace themselves for tougher economic challenges ahead – both over the next 12 months and beyond.
I refute claims by prime minister Peter O’Neill that the Papua New Guinea economy is safe and sound and make this warning in light of the country’s debt of over K27 billion.
PNG is in recession.
The total value of our economy is only K41 billion and it is appalling to note that our debt to GDP ratio is over 60%.
If this is not addressed, PNG will go down the path of Greece and other countries.
The prime minister has been saying the economy is in capable hands but he has failed to explain how it is safe and sound.
He does not have any strategy to bail out the country from its economic dilemma. He is only good at spending, borrowing and selling sovereign bonds.
The government knows it is not managing the country’s economy well.
I am warning our people to brace for much toucher economic problems over the next 12 months and beyond. The prime minister has been reluctant to admit the truth about the economy.
PNG’s economy is set to take a nose dive if the prime minister fails to devise an adequate fiscal strategy.
The 2016 Budget will not materialise as it is a paper budget and its figures do not reconcile. The government will struggle to subsidise health and education.