Treasurer Ian Ling-Stuckey

Treasurer signs K350m financing agreement

“As previously foreshadowed, this involves a total of $US400 million of good, cheap, friendly financing assistance,” he stated.

“In Kina terms, the financing agreement I signed yesterday (Nov 22) provides around K1,380 million of financing, with interest costs of effectively zero because of the G20 debt relief which I had helped initiate. After the debt relief period, the financing moves to interest costs linked to 10 year Australian Government Bond yield which is currently well under 1 percent per annum.

Rigorous bank processes to be discussed

Treasurer Ian Ling-Stuckey is planning on addressing this concern soon.

The subject of rigorous bank processes was brought up during question without notice when Bogia MP, Robert Naguri, expressed his frustration over the rejection of a discretionary fund cheque.

“This cheque was paid by me to one of my disabled public servants, who is my budget officer, to assist him to build his house so when he retires, he can go and settle with his family,” said Naguri.

Time for learning: Treasurer

Treasurer Ian Ling-Stuckey made this statement following his meeting on Wednesday (May 20) with former Prime Minister, Sir Michael Somare.

“I was honoured to have a really good discussion with our founding father and Grand Chief Michael Somare, PNG’s longest serving Prime Minister. We had a long meeting talking about the challenges of good governance, including through demanding times,” stated Ling-Stuckey.

“The COVID-19 Crisis is clearly one of the most demanding times in our history. I want to learn lessons from our past so we can best protect our future.

K600m in direct funding support for COVID-19

This follows the National Executive Council approval of two major elements of the Government’s K5.7 billion coronavirus Economic Stimulus Package.

“This is K100 million more than initially planned to ensure the Marape-Steven Government can respond flexibly in this war against this hidden virus,” stated the Treasurer.

K280 million will go towards health and security measures, and K320 million will be spent on supporting the economic sector - agriculture, households and business.

Loop PNG stands by key facts

Any misunderstanding, though regrettable, was not deliberate or intentional, and Loop PNG rejects all assertions to the contrary.

Loop PNG also rejects any attempts to interfere with its editorial independence, which is a cornerstone of Papua New Guinean democracy.

Treasurer queries COVID-19 funds

He said there are allegations that bulk of the 23 million kina released by the government for COVID-19 operations, was being used to hire cars and media consultants.

The 23 million Kina released by Treasury for COVID-19 operations, must be prioritized well, to include purchase of medical kits and Personal Protective Equipment.

However, Treasurer Ian Ling-Stuckey has since raised concerns of alleged misappropriation.

Opposition demands recall of Parliament

Namah said such actions taken by the Government fails to address the effects of COVID-19 on the struggling private sector and the people of PNG.

He explained that the passing of the Supplementary Budget will give effect to the recent announcement of the K5.6 billion stimulus package.

Namah said the Government plans to introduce its Fiscal Stimulus Package in the June session of Parliament.

He asked why prolong it for another two months, when they can intervene through the fiscal policy adjustment now.

Discussion on support for PNG’s priority projects

Treasurer Ian Ling-Stuckey met with senior Australian management team of the Australian Infrastructure Financing Facility for the Pacific (AIFFP), headed by Benedict David from Australia’s Department of Foreign Affairs & Trade and Robert Jauncey.

Treasurer Ling-Stuckey said the A$2,000 million AIFFP was a new regional initiative launched by Prime Minister Scott Morrison’s government to boost Australia’s support for infrastructure development in Pacific countries and Timor-Leste.

Treasurer focuses on securing good, cheap finance

“World Bank loans represent good, cheap finance – the type of assistance that PNG should be seeking rather than expensive borrowings from private banks,” stated the Treasurer after his October 17-19 trip.

“The trip linked in with the annual meetings of the World Bank and IMF of which I am by ex-officio, PNG’s Governor. Sometimes one must travel overseas to talk to the very senior people who in reality simply do not come to Port Moresby that often.

“Let me give you three specific, successful outcomes from this visit.