The much anticipated PNG LNG
windfall will benefit foreigners more than Papua New Guineans.
The truth which has been kept
obscured under the much publicized uninterrupted economic growth by the
incumbent government has been revealed by a World Bank report, the team of
experts led by country economist Tim Bulman.
“PNG LNG project is four-fifths owned
by non-residents. Three quarters of the construction costs were funded through
international debt, which needs to be serviced” the report says.
It is now clear that the PNG LNG
windfall will be used to service all the international loans first and whatever
that remains will then be put back to the sovereign wealth fund and not the
other way around as the government keeps preaching about.
No comments:
Post a Comment