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Port Moresby
January 22, 2021
Business News

Polye: PNG’s Economy Under Threat

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Former Treasury Minister and Kandep MP, Don Polye, is calling on the government to come clear on how much interest they are using to repay the UBS loan.

Mr Polye said the government claimed that they are starting to repay the loan but they must explain to the people the interest rate being used and state their source of funding in repaying the loan.

Mr Polye said the K3 billion UBS loan was outside of the budget allocation for this year and is calling on the government to explain where they will source money to repay the loan.

He said this will result in inflation, where prices of goods will increase as well as commercial banks' interest rates.

Mr Polye also dismissed comments made by Prime Minister Peter O&rsquO’Neill during parliament recently, that the country’s economy is healthy.

He said important legislations like the Sovereign Wealth Fund and Independent Commission Against Corruption are yet to be established.

Mr Polye is urging the Prime Minister to get advice from institutions like the National Research Institute, IMF, the World Bank and other development partners to know how to manage the country’s economy.


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