PNG Opposition wants Prime Minister O'neill to resign

PNG Opposition leader, Belden Namah

OPPOSITION leader Belden Namah has called on Prime Minister Peter O’Neill to resign for committing the country to a US$1.2 billion (about K3bn) loan to fund its 10.1% stake in Oil Search,the National reports.

“The Opposition is warning the Government and the people of Papua New Guinea that O’Neill is a time bomb,” Namah said.

“Within hours of sacking his Treasurer and chairman of World Bank and IMF (Don Polye), O’Neill himself usurped the powers of the Treasury Minister.

“It is very dangerous when the Prime Minister has the financial power and economic power.”

Polye was sacked on Monday, with O’Neill saying the Treasurer was causing “instability” in the Government.

Namah said the “instability” excuse by O’Neill for the sacking was unacceptable.

“The real reason for sacking Polye is so that he (O’Neill) could enter into this transaction by borrowing more than US$1.239 billion from UBS Bank,” he said.

“The Opposition is very concerned at the way Peter O’Neill is behaving since he became Prime Minister.

 “I am now calling on O’Neill to resign immediately.

 “We have now raised our debt from K3 billion to K6 billion.

“Our debt-to-GDP ratio will

now go from 35% to 47%, and even more, because of all this borrowing.”