"...grease is the word...."

And no, that isn't just a brief part of a line from a song of the 70's.:ooh:

No doubt they have reformed and put those dark days behind them ...

Another $100m from Australia down the gurgler!

It occurs to me that there is rank hypocrisy in the PNG governments 'borrowing' from the Chinese government. It seems only yesterday that PNG, and the Solomons, were the location of riots against local Chinese businesses. Please explain if there has been a change in feeling towards non-indigenes in PNG. But, by borrowing so much, (USD300m already?), PNG is probably heading for an Argentinian type currency crash in the future: the Kina will be as valuable as a Zimbabwean peso. And Australia is bidding things up so that we can join the queue of lenders.... (probably of last resort!). Canberra seems to think that throwing more 'aid' money at PNG will balance things when it's really a classic 'dutch' auction that PNG is running. Talk about cargo cult - this mob have given it new life!

The Kina value is regulated by the Central Bank. It's true value if floated is estimated to be approximately 20% less than the current exchange rates. The PNG Government regulates the Kina value to avoid a significant increase in repayment of off shore debts.

imagine the influx of tourists if they devalued the KINA though. Surely that would compensate :}
Ela beach could be lined with umbrellas and sun loungers and go go bars :}

And PNG exports from coffee to minerals, gas and petroleum would be far more attractive to foreign buyers. Currently PNG is extremely short of foreign currency limiting imports, allowing the Kina to float would partially relieve that problem.

C'mon! You guys are making far too much sense...

Exactly why they are heading for a crash. The Argentinians had their peso pegged at USD1.00 when I was there around 2000, and the whole house-of-cards collapsed when they simply couldn't meet their debts. What I object to is Canberra giving them loads of 'aid', when the Chinese, very wisely, structure their 'aid' as loans. PNG looks at the western sources of aid with a near cargo cult mentality, but they can't pull that one with the Chinese!

Have the fleet of cars got satellite tracking?

Or we be be looking for them some place along the 7th arc?

Boggles my mind how governments and international banks like the Asian Development Bank and the World Bank (funded by you and me...) don't seem to care that PNG is a train wreck. I mean the financial gurus know their stuff and aren't imbeciles, so why don't we hear more alarms being raised?

meanwhile...(paywall)PNG riot: security forces storm parliament over unpaid APEC wages

https://cdn.newsapi.com.au/image/v1/...b96a?width=650Soldiers are fighting with police outside PNG's parliament. Picture: Supplied

• BEN PACKHAM
  
  
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• 2 MINUTES AGO NOVEMBER 20, 2018
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Papua New Guinea soldiers, police and corrective services officers have stormed the parliament in Port Moresby seeking unpaid APEC allowances.

The Australian understands the officers forced their way into parliament, smashing some windows, cars and furniture.

MPs were trapped inside during the incident, with reports that “a couple of ministers got slapped around”.

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Opposition MP Allan Bird, who was with colleagues in a conference room preparing their response to last week’s PNG budget, said the incident had died down but suggested “this could be a sign of things to come”.

Mr Bird claimed there was dissatisfaction with the PNG Government and that “APEC was just the spark that erupted it”.

Another opposition MP described the situation as “very tense”.

Senior opposition MP Kerenga Kua said parliament was due to resume at 2pm for the budget reply.

“If the parliament does not sit at 2pm, we will demand the Prime Minister’s resignation,” Mr Kua said.

PNG Prime Minister Peter O’Neill commands a sizeable majority, with only 22 opposition MPs in the 111-member parliament.

Those involved were part of the joint APEC security taskforce which had earlier been working side-by-side with AFP and Australian defence personnel.

The first occasion a vote of no confidence can been moved against Mr O’Neill is in February, 18-months since the last election.

The Australian understands the violence took place at the same location where Xi Jinping on Friday was greeted by PNG MPs and opened a new ceremonial road.

PNG residents have expressed anger about the cost of hosting APEC with the purchase of 40 Maseratis and three Bentleys infuriating voters in a nation with 60 per cent unemployment, a polio outbreak, ongoing tribal fighting in the Highlands and surging rates of gender violence.

Australia spent an estimated $200m supporting PNG in hosting the APEC summit.

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:}

Well done Bend alot!

Good to see in typical POM road rule chaos, the new road to nowhere has turn left and right arrows in both the left and right lanes! :ugh:

lol, good eye. I didn't even notice that. But in fairness, that's what they're going to do anyway, so might as well paint it on the lanes.

I got picked up more then a few times for turning on the green arrow at lights near Boroko Motors when thru traffic was red lighted :=:ugh:

So (yet again) 'the Peasants are revolting.!:eek::ooh:

Didn't they do that a few years ago after some similar gabfest?:confused: