O'Neill warns of Marape bank raid

FORMER prime minister Peter O’Neill has issued a warning that successor James Marape is attempting to change laws in order to borrow billions more kina.
O'Neill warns of Marape bank raid O'Neill warns of Marape bank raid O'Neill warns of Marape bank raid O'Neill warns of Marape bank raid O'Neill warns of Marape bank raid

Peter O'Neill

Staff Reporter

Leader of the People's National Congress Party, O'Neill said it was a sad day for all Papua New Guineans when a politician attempted to manipulate the Christian faith for political gain, while covering up desperate dealings that will send the country into a deeper debt hole, NBC News reported.
 
"Marape is fumbling crisis after crisis as his policy vacuum harms the economy, mines remain shut and resources projects stalled as his self-imposed deadline to resolve these issues is only two weeks away," O'Neill said.
 
"The solution to this mess that Marape created is not to keep looking for cash handouts and more debt, but to start doing the hard work that will bring back investment, and get business moving and jobs restored.
 
"He is now trying to distract the media from his latest secret money grab by issuing a press statement about changing the wording of the constitution to prove our commitment to faith.
 
"Let me state the undeniable fact on which we all agree, Papua New Guinea is a proud Christian nation, and this sudden grandstanding on the issue is just another attempt to distract media and public attention.
 
"Because, right now the government is trying to obtain K4 billion in additional debt, that is on top of the more than K11 billion already borrowed in the past year.
 
"This new debt includes a K1 million loan from Japan, and the attempt to change the Bank of Papua New Guinea Act so Marape can raid three billion Kina from national reserve funds.
 
"If BPNG is forced into this K3 billion raid on government securities, it will have long- lasting negative impacts on the economy and future development.
 
"This will push foreign currency reserves into a massive decline that will depreciate the kina and push up food prices, lead to a further ratings downgrade and capital flight.
 
"Marape should respond to the specific questions from the media, and confirm or deny that he is seeking to borrow K1 billion from Japan.
 
"He must tell the media if he is seeking to change the BPNG Act so that he can take as much as K3 billion from our national reserves.
 
"These are simple questions that the media are asking Marape and he can just be honest and answer yes or no."
 

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