Treasury Bills and Inscribed Stock fundraising auction

Treasury condemns ‘illegal’ release of internal memo

According to the leaked internal memorandum, the Public Debt Committee was advised by an officer from the Bank of PNG that they will be “struggling to pay salaries on time due to issues relating to the cashflow situation”.

The memo went on to say about K60m-K70m is needed to allow payroll to be processed.

On the other hand, Secretary Dairi Vele said: “Let us be clear that public service salaries will be paid.

“The Government Auction is one way that we use to raise funds. It is NOT the only way.