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Port Moresby
July 2, 2022

Polye Cautions State

The former Treasury Minister Don Polye, has cautioned the government over the borrowing of K3 billion from the UBS Investment Bank.


It comes after a week of controversy where Mr. Polye was sacked as the Treasury Minister, after he refused to sign the loan agreement.

Mr Polye said the country would lose its credibility over the government's move to take the K3 billion loan.


Mr Polye called on the government to exercise fiscal management and good governance.


Don Polye has been the centre of attention this week following his sacking by the prime minister last week.


Not much was known about the reason behind his sacking apart from a prime ministerial statement indicating instability within the government party ranks.


Earlier this week Don Polye, the sacked treasury minister, came out publicly and revealed that he had refused to sign off a K3 billion loan sought by the National Government.


He is now cautioning the government to exercise fiscal restraint and good governance.


Papua New Guineas financial stability despite its many problems was built up over a period of ten years, since the time of the Somare government.


The former Treasurer is now seeing all these financial developments being eroded.

As the debate rages on, more people have spoken out against the government’s decision to take the loan, the most recent being the three academics from the National Research Institute.


The Prime Minister however remained adamant, that the multibillion kina loan won’t have a significant impact on the country’s economy.


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