He said the Government failed in the austerity measures, and now the country is in recession and may slide further if no reliable policy measures are applied.
“The Prime Minister solely should be blamed for mismanaging the economy into unsustainable debts. He is economically illiterate. The Ministers for Finance and Treasury should also take responsibility, it shows they are not fit to manage the economy and the country is in the wrong hands,” said Polye.
He called on the Government to immediately review the 2016 Budget because the Budget has failed, become useless and urgently requires corrective actions.
The 2016 Budget has failed to focus on building key economic infrastructure around strategic locations in the country, claims the Opposition Leader.
The prolonged foreign exchange shortage, as a result of the pegging of Kina, has exacerbated the challenges local SMEs and businesses encounter in the current depressed global economic climate.
Meanwhile, Treasury Secretary Dairi Vele in a statement has recommended that the 2016 Budget spending be reduced by K1.9 billion to bring it in line with revenue shortfalls.
Treasurer Patrick Pruaitch has supported the recommendation for the implementation of an early supplementary budget.
An urgent early supplementary budget will demonstrate the Government’s commitment to prudent and disciplined fiscal policy, and maintenance of macro-economic stability, says Pruaitch.