Academic disputes China debt claims

The Head of School and Director Politics and International Affairs, Dr. Sandra Tarte, outlined this when speaking to journalists at the Pacific Journalists Dialogue at the Forum Economic Ministers Meeting (FEMM) in Suva.

Dr. Tarte said this was not an initial Chinese government strategy and the current perception of the Asian powerhouse as an economic colonizer in the Pacific stems from the actions of Chinese firms, rather than the government.

K24.3bn in debt paid: Treasurer

Treasurer and Deputy Prime Minister Charles Abel said the Government is on par with fulfilling its obligations and repaying loans as scheduled.

Abel sought leave from Parliament today to announce the country’s debt in the first three months after being asked by Namatanai MP Walter Schnaubelt in the last sitting of Parliament.

Abel explained that the Government’s debt was paid in month-by-month basis and varies depending on the obligations that the loan scheduling, in relation to different types of financing, the Government had.

Govt owes companies over K290m

This was revealed to Treasurer and Deputy Prime Minister, Charles Abel, during a meeting with the Port Moresby Chamber of Commerce and Industry (POMCCI).

The POMCCI presented to the Government the long list of outstanding debts owed to its 16 members, from over 320 current members.

Abel, along with Internal Revenue Commission Commissioner, Betty Palaso, and Deputy Commissioner Dr Alois Daton, met with POMCCI President, Rio Fiocco, CEO Dave Conn and CPL Managing Director, Mahesh Patel.

US$790m debt for Forex

Prime Minister Peter O’Neill made the announcement recently.

The Prime Minister said the World Bank along with the ADB is working on the drawdown of US$300 million each to assist with the Foreign exchange in the country.

He said the Credit Suisse Bank were also preparing legal documents for a US$190 million.

All in all, a total of US$790 million will be available for this financial year.

O’Neill clarified that the money will go straight to the Central Bank then to the commercial banks.


O’Neill challenges Opposition to prove its claims

O’Neill said most of what Polye is raising on the floor of Parliament are results of what the previous government had made decisions on.

“It’s a grandstanding to the highest degree for us to come and say anything we want to say but we must be responsible on what we say and factual about what we say,” O’Neill said.

O’Neill admitted that the country’s currency had been under pressure but has never declined as describe by Polye.

He said the country’s total debt is K17 billion below the total GDP and not K24 billion as claimed by the Opposition.