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Subject: Re: ‘Treasury, BPNG should negotiate loan, not IPBC’

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Date Posted: Wed, Nov 05 2008, 07:43:11am
In reply to: larsen 's message, "‘Treasury, BPNG should negotiate loan, not IPBC’" on Thu, Oct 30 2008, 10:12:59pm

Apparently, Junior Somare does not know what he is talking about, when he says, IPBC has enough money to back their loan. International Banks dont loan large sums of money to individual companies without collateral. His comments that, the country wont be held ransom if there was a case of default in repaying the loan is full of crap.

People who deal with international loans know that, when a state enterprise seeks foreign loan, the lenders always make sure the government of the day guarantees the loan. If in case of default, the lender resorts to the guarantee and asks the government to pay back the loan. Lenders dont lend blindly. Lenders are dealing with depositors money, and they have to make some returns to satify the depositors. Being the custodian of depositors money, and knowing that they have to make money to satisfy the depositors, they make sure lending does not fall into wrong hands, hence collaterals and guarantees are very important.

Junior Somare's statement, sounds vague and does not mean anything. His words came from someone with no experiece of international lending arrangements.

As a matter of fact, the person who is in charge of IPBC is a business partner in Somare tribes personal business. He was managing one of Somare tribes thriving business. He now heads the IPBC and Junior Somare is the minister responsible for IPBC. The integrity of IPBC remains questionable. It becomes another family business for the Somare tribe, instead of being a state enterprise. Suspicious things are happening with IPBC and its conduct.

So long people have spoken about what senior Somare did for the country, but, personally, he does not deserve my respect, because of so many stupid decisions that the old man made that actually washes out the good things that he did for the country.

As founding father of the country, he has to be seen as fair, non-regionalistic, avoid family involvement in state issues. He has put his son Sana as one of the Board members at Elcom, he has put his daughter as his press secretary, and he has put his son Author as the minister responsible for state enterprises, under which IPBC comes. He even appointed his family company mangager as the head of IPBC. Author SOmare's in-law is now the PNG-Ports MD. So what next? Somare is trying to run the country as his own personal business.

Arent there more qualified Papua New Guineans that can handle this jobs? yes there are, but the poor old man does not have any coutesy at all. If PNG was at his heart when he stood up and raised his hands for independence, he would see it through that his vision of a united PNG would be fullfilled now, before he retires. I dont think, he had PNG at heart, and he does not, because actions speak louder than words. If his actions are contrary to what he stands for, then a lot has to be desired.

Personally, Somare does not deserve my respect. He is nothing more than a politicial gimmick.

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[> [> Subject: Re: ‘Treasury, BPNG should negotiate loan, not IPBC’

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Date Posted: Wed, Nov 05 2008, 03:33:02pm

Ples-economist, thankyou for those essential comments reagrding this issue without dhoulf not be overlooked in any aspects.


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