It is generally recognised by academics, business leaders and the general public that the non-mining sector economy is in recession. The facts are that budget over-spending, printing and spending money that we have not earned combined in decline in revenue, have landed us in a situation where kina is struggling and being artificially administered, where foreign reserve shortages are severe and being rationed, where Government is not paying bills on time or in full, where health and education services are being starved of finance, and prices of basic goods are increasing. Public debt, shown in the budget and outside the budget is over K30b, with annual repayment approaching K3b – around 30% o

MEDIA RELEASE OCTOBER 16 2016 State's case in tatters in Singapore court The chairman of PNG Sustainable Development Program Ltd, Rt Hon Sir Mekere Morauta, said today that the State has had a major setback in its three-year effort to gain control of PNGSDP and the Long Term Fund. Over the past week, the Singapore Supreme Court has heard various legal arguments that highlighted the basic weakness in the State’s case and the inconsistencies in how it has been argued. People will recall that in September 2013 the Prime Minister introduced the Ok Tedi Mining Tenth Supplemental Act which expropriated PNGSDP’s 63.4% shareholding in OTML; purportedly gave the State the power to restructure the Bo