PNG's opposition warns of financial turmoil
Xinhua, August 5, 2015 Adjust font size:
Papua New Guinea's opposition warned on Wednesday that the country is facing financial turmoil and needs urgent belt-tightening measures, calling on the government to tell the people so they can prepare.
"The government is so secretive about this cash flow shortage problem, thus keeping government institutions, business houses, financial institutions and even the people in suspense," opposition leader Don Pomb Polye said in a statement.
Polye said the signs and symptoms of financial crisis were obvious and included the non-payment of tuition fees to all schools throughout the country, which had forced schools in Morobe and other parts of the country to close down.
The call comes following PNG revising its economic growth forecast for 2015 in June to 11.3 percent, lower than the 15.5 percent projected in the 2015 budget. Endi