![]() THE compounded effect of Papua New Guinea's debt from borrowing over the last seven to eight years is about K37 billion, according to the country's Prime Minister James Marape. Speaking in Parliament yesterday, Marape said this was just the amount of actual cash loans taken by the country and there were many more. “If you add hidden reports such as the UBS loan, K4 billion or so, state-owned enterprise (SOE) for the Motukea Port which BSP (Bank South Pacific) got and others total up to K37 billion,” he said.
Marape made the comments after a series of questions put to him by Yangoru-Saussia MP Richard Maru, who asked whether the Government was focused on borrowing or building the country. It is estimated that the Government will borrow over K5 million this year, according to Maru. He said the previous People National Congress party-led government borrowed an average of K2.5 billion a year. Ialibu-Pangia MP and former prime minister Peter O’Neill, who is also the leader of PNC, disputed the figures given by Marape. O’Neill said according to the Central Bank report that summarised outstanding public debt, showed that the total borrowed at the end of June 2019 was K27 billion – total debt for the last 45 years. Statement Next : NO POLICE FINES FOR BREACH OF COVID-19 PROTOCOLS Comments are closed.
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