Papua New Guinea Government Borrows Over Half a Billion Kina to Stay Afloat

Bryan Kramer
THE VOICE Of PNG, Facebook
(March 01 at 1:25)

O'Neill Government borrowed a further K654 million in the last two weeks to stay afloat. The funds were raised through auctioning of Government Treasury Bills by the Central Bank. K198 million was raised on 17 February 2016 to meet the public servants pay run for payroll 5 and K455 million was raised just last Wednesday's (26/2/16) to ensure this payroll is met.

Central Bank website defines Treasury Bills as a financial debt instrument issued by the Central Bank on behalf of the Government to raise funds in order to finance budget deficits. A budget deficit is when Government expenditure is higher than revenue (spending more than it earns).

PNG a Sinking Titanic

Like the Titanic, a British passenger liner sunk in the North Atlantic Ocean in 1912 after colliding with an iceberg during her maiden voyage, Papua New Guinea is sinking slowly in the great Pacific Ocean…The Roses will remind the nations of the world of this sinking nation as tales and stories in many years to come. Whether you believe it or NOT it’s happening already.