PNGBLOGS

by PAUL L. KEBAIJA The Treasurer of Papua New Guinea would like the nation to believe its credit rating has improved. It has not. Standard & Poor's rates PNG at B minus exactly where it has sat since April 2020, on Ian Ling-Stuckey's own watch. Moody's rates PNG at B2. What changed in June was the outlook: an agency's opinion about what might happen next. Every treasurer alive knows the difference between a rating and an outlook. To announce one as the other is not optimism. It is deception, dressed in a press release. Peter O'Neill's statement this week is brutal, and it deserves to be, because the record it sits on is worse than the spin. When this government took office, S&P rated PNG at B. Within a year it was cut to B minus, and six years and one IMF programme later the Treasurer has never recovered the notch he lost. He now asks the country to applaud him for standing one step below where he started, six steps below investment grade, with every k...

by PETRUS DANIEL  NA's intention to win the election will come at any cost, even when it involves public funds and the Treasurer and Forest Ministers are involved.  Logohu Capital is owned by James Gore a very close business associate of Treasurer Ian Stuckey and Forest Minister. They are using a front company in Singapore (husband and wife owned) as a service management company to redirect all monies from Forest Levies to PNG. The Directors you see here are only used as covers. If its true that they've used Cayman Island Offshore account, then Walter Schnaubelt and ILS must have used an account offshore to setup the accounts for them and listed here are the accountants.(attached) below.  Ling-Stuckey and Schnaubelt had managed to do one thing that others in the past have failed to do for National Alliance. They have managed to bring their stolen Public Funds into Papua New Guinea. This was done when Ling-Stuckey had taken control of the Bank of PNG and Schnaubelt as Fore...

by  Andrew Arthur Amendments to the Central Banking Act facilitate Marape and Ling-Stuckey drawing down K6 BILLION from the Bank of PNG to fund the 2022 Budget deficit. Before the amendments, Section 55 of the Central Bank 2000 Act gave provision for the Central Bank to provide Temporary Advances (TAF) to Government for up to K100 million. Section 55(9) clearly states that this TAF should not be used to fund a Budget deficit of the National Government. The IAG recommended that the TAF limit and purpose be retained.  https://pngcentralbankactiag.org/report/... The advice of the IAG was just window dressing and was largely ignored and instead, Treasurer and his two advisers Misty Baloiloi & Paul Flanagan have made wholesale changes to Section 55. The amendments to the Central Bank Act allow for Temporary Advances to fund the shortfall of Government revenue paving the way to print money to fund the K6 billion budget deficit.  They have changed section 55 to increase the ...