Economic statement irks O’Neill

TREASURER Ian Ling-Stuckey’s reading of the economic vital signs is at odds with reality, former Prime Minister Peter O’Neill says.
O’Neill said the statement released by the Treasurer last week was contrary to the economic warning signs in the Mid-Year Economic and Fiscal Outlook (MYEFO) report he presented and the feeling of hardship and frustration of most Papua New Guineans.
“This Treasurer continues to practice propaganda and blame those who came before him,” O’Neill said.
“He is a modern spin doctor without any actual tools or strategies to move our country forward economically.
“He talks about economic growth and how all is well when the MYEFO report prepared by professionals in Treasury Department states on page 19 that GDP has fallen from 4.30 per cent in 2022 to now just three per cent in 2023, owing in large part to the closure and continual uncertainty surrounding Porgera Mine.
“Let us remember that GDP growth has little bearing on the people who do not trust the flowery words of the Treasurer but only know the sick feeling in their stomach when they cannot afford the high cost of basic foods like rice, flour and tinned fish or they go looking for a job to support their family but there are no jobs to come by.
“The MYEFO reports to a downgrade of GDP growth from four per cent just a few months ago to now three per cent, inflation growing faster than the economy at five per cent plus and debt has breached the Fiscal Responsibility Act, but according to the Treasurer all is fantastic.”
O’Neill said the MYEFO report was factual and sobering. He thanked the professional approach taken by the economists of Treasury Department for their “continuing diligence.”
“The Marape Government has not grown the economy,” he said.