SHADOW Treasurer Ian Ling-Stuckey yesterday defended Post-Courier from criticisms about its reporting on PNG’s foreign exchange crisis.
He said “shooting the mess-enger” will not help ease the crisis as Treasurer Charles Abel would have people believe in his attempts to paint a rosy picture about economic improvements in the economy.
Mr Ling-Stuckey said the latest analysis put out by the ANZ Bank remained spot on when it said it April that “fair value” for the kina was 0.23-0.25 which is about 15-22 per cent below current levels of US$0.30 to the local currency.
“In an extraordinary attack on Post-Courier yesterday, the Treasurer once again failed to talk about how badly the foreign exchange shortages are being managed,” Mr Ling-Stuckey said.
“So the Treasurer simply decides to ignore what PNG businesses know is actually happening, and instead talk of a ‘medium term’ improvement.
“Once again, the people of PNG are being asked to wait, and wait and wait. They have already been waiting since 2014 when these policies started being mishandled.
“Frankly, the people of PNG are tired of waiting and seeing the PNC government try and undermine any critics saying more needs to be done.”
On Mr Abel’s claim of a rebound in the economy Mr Ling-Stuckey said: “This is not the experiences of actual businesses and people in PNG.”
On GDP, he said the Treasurer’s latest budget strategy paper used a figure of K81.9 billion – some 20 per cent less than the Prime Minister’s claim.
“But the PNG Treasury figure is likely at least another 10 per cent overstated according to the preliminary results of the National Statistical Office,” he said. “For 2015, the NSO estimates the economy was 10 per cent less than the treasurer’s figures.”
He described the figures as “crystal ball claims” challenging Mr Abel to allow the National Statistical Office to release the actual figures on GDP for 2015 and 2016.
“The Treasurer continues to immediately look for rosy stories from his crystal ball based around new resource projects,’’ Mr Ling-Stuckey said.
“This is risky. This could be making bad decisions in counting the chickens before the eggs are hatched.
“It could see PNG heading into another boom/bust cycle on our GDP growth rates, even as living standards for Papua New Guineans continue to decline.
“Once again, this government seems to continue burying any facts that confirm its economic mismanagement.
“It continues to talk of good times ahead while the people of PNG continue to suffer and wait.
“It continues to muffle any critics, and it fails to take the hard steps necessary to get inclusive growth going in this country.
“PNG needs a restructured government with a better mix of coalition partners.
“One that has a proven track record to manage the economy and the alternative government is willing to provide competent advice.”
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