State-Owned Enterprises

PNG facing two crises, claims Kimisopa

Opposition spokesman on Finance & National Planning, Bire Kimisopa, says tax revenue has tanked over the last four years at approximately K9 billion per year, and is expected to fall in 2016 and in 2017 respectively.

“Any dividend from the State-Owned Enterprises will be subject to the prevailing adverse economic conditions and may erode the strength of their combined balance sheet,” says Kimisopa, who is also the Goroka MP.

“The extraction of loans from SOEs, disguised in the form of dividends, will not exonerate the SOEs from fraudulent and deceitful conduct.

Duma: SOEs must be competent

Duma said in Parliament today that SOEs must not enjoy monopolies.

He made this statement following comments from Ijivitari MP David Arore who called on Water PNG to establish water reservoirs in Popondetta town.

Duma said that among all the water centres that are being operated by Water PNG, only Lae, Kokopo and Mt Hagen are profitable.

All other centres are regarded as social services and Northern Province falls into that category.

“This reflects the competence of all our SOEs.

SOE’s in good financial state says Micah

Micah who was the former minister responsible for State-Owned Enterprises (SOE) made the remarks at the official handover ceremony for the Ministry of Public Enterprises and State Investments today in Port Moresby.

The Member for Kavieng will now head the Ministry for Petroleum and Energy.

William Duma, the former transport and infrastructure minister now takes charge of all government owned companies under his new portfolio.