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Polye: UBS Loan Causing Problems for the Economy

Opposition Leader, Don Polye, continues to criticize the National Government over its decision to secure a UBS loan worth K3billion to pay for 10.1 percent shares in Oil Search.

With less than a month till elections, politicians, party leaders and intending candidates have been attending public events and speaking.

Polye’s latest critic came yesterday in Mt Hagen during the launching of a local business group.

The Prime Minister, Peter O’Neill, has continued to defend the decision to obtain the UBS loan.

But, Mr Polye said the country’s debt level is K30 billion, against PNG’s aggregate wealth or GDP of K46 billion.

He added that the country’s revenues are being used to repay the loans overseas.

“Our country’s future has been tied down under this huge loan which the Prime Minister Peter O’Neill has sanctioned. Next government will have a big challenge to address it.

“2017 Budget books show less about it. Loans secured through the balance sheet of the State Owned Entities are not on the budget books.

If the Prime Minister does not address this, we will go down the path of Greece,” he warned on Thursday, when speaking at a launch of a community association at Keltiga village in the Western Highlands.

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2 comments

Michael Justin Aret 11/03/2017 at 11:25

Polye is correct because he is a honest leader with principals.

Billy N 12/03/2017 at 19:25

It’s difficult to purchase overseas on some urgent procurement on project requirements, Peter O’Neil has run down the economy printing money, excessive borrowings above regulations, and using up the country’s foreign reserves. We have to wait for 3-4 weeks for overseas procurement. We are definitely in the red.

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