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Subject: Re:Cut&paste: PNG indebt of K8.2 billion Author: terminator [ Next Thread | Previous Thread | Next Message | Previous Message ] Date Posted: 18:16:04 07/08/03 Tue Guys,read this article,we are K8.2 billion poor..and we are becoming poorer each day as debts keep on accumulating.This current gov't seem to have no remedies and all they have instore is to blame their predecessors of this mass which is partly true btu by pointing finger and blaming each other ever going to remove this lump on our backs....We are definitely on our way to antoher failed state just like our neighbours Solomon Is,hate to think that way,but pollies do not learn from mistakes,all they care it seems, is themselves and we heading towards doom. What do you guys think??/ PNG is K8.2 billion in debt THE DEBT of the Papua New Guinea Government stands at K8.2 billion since the Somare-Marat Government took office. Finance and Treasury Minister Bart Philemon made the revelation in during question time in Parliament yesterday. Mr Philemon was responding to questions raised by Samarai Murua MP Gordon Wesley as to how much debt the country has and if the government was on target in its 2003 budget. He also questioned why the Government had spent K1.5 million to send the PNG contingent to the South Pacific Games when the country was in financial crisis. Mr Philemon said they inherited a government with serious financial problems. He said the public debt in 1998 stood at K5.4 billion, in 1999 it rose by K400 million to K5.8 billion, it increased to K6.2 billion in 2000, then to K7.2 billion in 2001 and K8.2 billion in the first half of the year since they took over. He said if they had allowed the situation to continue until the end of the year, the country would have been in a bad situation. He said the debt represented about 80 per cent of Gross Domestic Product. "Anything that gets to that level becomes unsustainable so there is a danger in which we have to manage and control the expenditure," he said. Mr Philemon said they took action in August 2002 to correct the situation by introducing the 2002 Supplementary Budget. He said it was a medium term issue that the Government needs to take over the next five years. "The situation was inherited over so many years, this government can't and we have never said that we can fix it in one year," he said. He said expenditure and borrowings were not controlled by previous governments. "If we live within our means over the medium term within the frame work of the budget until the end of the year, then we will start reducing the public debt," he said. He said between 1995 and 2000, the debt increased by K550 million, between 2000 and 2001, it increased by K1.6 billion and between 2001 and 2002, it increased by K752 million. "We've been living off borrowed money and we have sufficient funds in our revenue queue from all sources to be able to live within our means," he said. He said in the past 10 years, the Government has been living beyond the budget. He said the only way was to manage and control public expenditure. He said the Government was paying the price now and they have "no room to move around anymore" as the country was in a "tight situation." Meanwhile, he PNG is the biggest country in the South Pacific and it must maintain its reputation by taking part in regional events. He said the Government funded the 365 athletes at K4000 each because without our contribution, the games would not be held. He said sportsman and women would promote the country in such big events. Mr Philemon said it was a commitment the Government has made for the good of the country. [ Next Thread | Previous Thread | Next Message | Previous Message ]

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[> Subject: Re:Cut&paste: PNG indebt of K8.2 billion Author: Kondol Tai [ Edit | View ] Date Posted: 18:19:47 07/11/03 Fri The problem has no solution. One might think America has created capitalism system and she is at the top of that triangle with no deficit spending! Meanwhile, look around and see her debt!.......While Republicans as George W Bush search the peace outside America and into Iraq, Afgan and now planning on pouring billions of dollar into Aferica to fight AIDs. Look at how Americans are crying sadly for food shortage as well as economical crises: http://www.cbsnews.com/stories/2003/07/10/eveningnews/main562666.shtml. We the people set up that central (government) organization. If we depend highly on our government with our endless handouts expectations, than we’re impaling into higher deficit. Than that leads to increase of debt! A gradual decrease in our debt might mean extreme tax break, but than might result chasing out investors and developers within the country. We might never want to do that though! The only solution would be on putting an emphasis into sustainable manipulation on our 1. Surplus spending, 2 deficit spending, 3 Tax Revenue and 4 proper control mechanism in dispensing strategy. Those basic would foresee the stability as I assume………… Bro…….Kondol Tai

[> [> Subject: Re:Live within our own means Author: Randa Eplem- Kimil Kopi [ Edit | View ] Date Posted: 15:35:01 07/12/03 Sat I am not an economist to understand some of kondol tai's economical terms for this problem..but I do agree that we have to have effective mechanism in place to control spending.We PNGeans are not good managers especially when it comes to spending.Excess spending out of budget proposation leads to buget deficiet which in turn leave us no option but to borrow overseas because our own internal revenue we collect are not sufficient enough to run the country.We have to learn to live within our means and start working towards reducing some of our debts through revenue we collect from within. Bush economist..

[> [> [> Subject: Re:Live within our own means Author: Kondol Tai [ Edit | View ] Date Posted: 16:05:53 07/12/03 Sat Your last sentence sound phenomenal. I appreciate what you say, cause the bigger picture of what you say is the sole solution. Although there may be other alternatives but those can be disdain at the level of logic explanations. Angnem....... Kondol Tai

[> [> [> Subject: It's us idiots who pressure the government to get into debt Author: so ho [ Edit | View ] Date Posted: 17:28:22 07/13/03 Sun How often have we asked our MPs to fund this or that activity, infrastructure or project. The government hasn't had the funds for years, yet you & I keep demanding funding. It's easier for the MPs to just give out the handouts and borrow even more money than to simply tell us all NO, NO and NO!!!!!

[> [> [> Subject: Re:Live within our own means: IMPOSSIBLE!!!!! Author: maus [ Edit | View ] Date Posted: 04:23:13 08/16/03 Sat My friends, We HAVE mechanisms in place. They are abused, violated, or ignored, just like all civil service policies when those who want to ignore them do. The entire system is broken down, I don't think any of you are f ully clear how broken down the system is. These days it functions completely on whim, not on regulation.