SIGNIFICANT OPPORTUNITY TO LEVERAGE UPON (Daru Fisheries Industrial Park)

By Western Province - Governor Taboi Awi Yoto
20^th December 2020

There are has been concerns raised recently regarding the Building of Fisheries Industrial Park on Daru Island by a Chinese Fishing Giant. 

Firstly let me start off by saying, why why do we keep voting in leaders and demand us for development. Do you expect us to develop the Province with the little we get from DSIP, PSIP, and resource benefits from whatever we get from the few resource extraction from the Province like Ok Tedi alone. If every one of you were in my shoe, you would understand the amount of financial resources I have at my disposal and the wish list of expectations you demand my government to deliver to you, the roads, the classrooms, the hospitals, etc etc. Yes we are not so poor, we have some money stored away, like in PNGSDP but that’s not at my disposal and they don't even listen to us. To me, it’s a grand scam of the century in the name of WP established by BHP and their friends for themselves and not for WP.

Many of us have continued to ask, why do we call ourselves a resource-rich Province yet we are so poor.? Yes we are a resource-rich Province but we need to convert those resources into monetary terms and use those funds to build better hospitals, schools, roads, create employment opportunities, improve the HDI, improve GDP improve our living standards etc. Thus, we as your leaders are challenged to think outside of the box. We just concluded a vote of no confidence, basically those of us who stood with Hon. James Marape, MP, PM, wanted to see an increase in benefits from our resource by tweaking, turning, and amending laws. That's thinking out of the current colonial introduce norm. But if we want to remain the same then let's forget everything, let's stop talking about change, let’s stop talking about electing good leaders who can bring development, let’s stop demanding leaders to think outside of the box to bring about developments etc etc. But if we want change, we must also prepare for the challenges that the change we aspire will bring. 

PNG DIPLOMAT EXPLAINS CHINESE LOANS TO PNG

Commentary by Phil Senginawa

PNG Facebook population is inundated with semi-literate commentators. People need to understand the difference between Aid/Grants and Soft/Concessional Loans.

We can complain and complain till the pigs fly regardless of whatever government is in charge. PNG currently owes China US$634 million (PGK2.12 billion) in soft loan and its insignificant, can be repayable after a brief period whereas Sri Lanka owes China US$64 billion in Loans which is nearly 90% of their GDP.

Countries and Multi-National Corporations rely on loans to pursue their development Agenda. Unless if you have huge financial reserves or substantial sovereign wealth fund to finance your infrastructure developments.

With a narrow economic base like PNG, financing for development is not an easy task. It needs economic diversification and monetary policy realignment.

If advanced economies are not getting loans from international and regional financial institutions, they're issuing treasury bonds domestically and that is a form of domestic loan. Almost all countries are indebted domestically or internationally and they have fiscal deficits anyhow.

If western powers are influencing developing countries not to acquire loans from China then where should they get loans to fund their infrastructure developments, should they stick to IMF and World Bank where they pay annual membership fees to be eligible to get loans that comes with strict conditions and high interest repayments?

China's loans are flexible, however all PNG needs is to strengthen its governance structure against the possible corrupt dealings that comes with the loans. Also be firm on the Terms of Reference and ensure 50/50 benefits to PNG private sector.

Used with permission from https://www.facebook.com/pg/pngbreakingnews

China is an innovation superpower. This is why

China is investing more money into research and development, helping it become a superpower in innovation.    Image: REUTERS/Kim Kyung-Hoon

07 Feb 2018

Briony Harris

Formative Content

Last year President Xi Jinping outlined his vision to make China the global leader in political, economic, military and environmental issues over the next three decades.

Now, comprehensive data from the National Science Foundation reveals that China is already well on its way to becoming a superpower in the key areas of science and innovation.

China is the second-largest spender on research and development (R&D) after the US, accounting for 21% of the world’s total of nearly $2 trillion in 2015.