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Port Moresby
September 19, 2021
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Basil: Find Cost-cutting Mechanisms to Improve Economy

Deputy Opposition Leader, Sam Basil, has called on the national government to find cost cutting mechanisms to improve Papua New Guinea’s economy, rather than relying on proceeds from future projects to save the economy.

This was his response to comments raised by the Governor of Central Bank over the operation of the Wafi Golpu and Frieda Mines.

Following Day 1 of the Consultative Implementation and Monitoring Council meeting in Port Moresby, Deputy Opposition leader, Sam Basil, responded to comments made by Central Bank Governor, Loi Bakani, on future projects in the country.

He said Wafi Golpu and Frieda Mines have just entered into their construction phase, and from experiences with Hidden Valley Mine there are outstanding landowner issues that need to be settled.

One of the environmental damage, is reportedly to be the depositing of tailings from the mine that is causing widespread sedimentation downstream of the Watut river, which could potentially lead to the mine’s closure.

He criticized the announcement by Mr Bakani to use the bank’s procurement to purchase generators and the government’s intensions to ask for foreign reserves.

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