Government taken to task

The National Government has been asked to make its stand clear on borrowing and loans.

Opposition Leader Douglas Tomuriesa posed these questions to Treasurer Ian Ling-Stuckey, also highlighting contrasting views by senior government ministers on borrowing and loans.

Tomuriesa described the borrowings as somewhat unprecedentedly high with still more to come.

Treasurer Ian Ling-Stuckey says looking at loans as a number is not the correct way of assessing loans, rather loans should be seen as a share of the economy.

He added that the Government policy on loans and borrowing, is replacing expensive loans with interest rates of between 2-3 percent.

He says this was unlike the previous loans taken at interest rates of 8-9%.

Ling-Stuckey says the country's national debt is expected to peak in 2026, and then 2027 is the year, the Government is aiming for a surplus budget.

Meantime, Deputy Opposition Leader James Nomane asked Treasury and the Government to confirm whether it failed to comply with the International Monetary Fund requirements thus putting PNG on the "grey list".

This list contains names of countries actively working with the financial action task force to address strategic deficiencies in their countries to curb money laundering and terrorist financing among others.

Treasurer Ian Ling-Stuckey said to provide a detailed response.