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June 28, 2022

Micah Explains UBS Loan Background On Talkback Show

State Enterprise Minister Ben Micah was on FM100’s talk back show, to answer questions about the UBS loan.

Minister Micah could not give answers on the structure of the loan however, gave a background on the loan. He told callers that the Prime Minister will be on the talkback this Friday, to give a detailed explanation on the loan.


Minister Micah was on the talkback show this morning, supporting the government’s move to obtain the K3billion UBS loan. He responded to former treasurer Don Polye’s argument on the breach of section 209 0f the constitution.


Polye argues that the loan arrangement did not get an approval from parliament.

However. Minister Micah said NEC acted on the advice from the state solicitor, to go ahead with the loan arrangement.


He went on to reiterate the prime minister’s statement that a full report will be tabled in the May session. He explained that the country will benefit from the 10 percent dividends from the Oil Search shares, that the state plans to buy back.


When asked about the Ombudsman Commission’s bid to investigate the process loan arrangement, minister questioned the Ombudsman Commission’s intention.


Prime Minister Peter O’Neill will be on the talkback show on Friday, to give a run down on the structure of the loan, and the terms of the loan.


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