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PNG’s Economy ‘Held Hostage by Debt,’ O’Neill Warns
Summary by One Papua New Guinea
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PNG’s Economy ‘Held Hostage by Debt,’ O’Neill Warns
Papua New Guinea’s former Prime Minister Peter O’Neill has accused the Marape administration of mortgaging the nation’s future through excessive borrowing, claiming the International Monetary Fund (IMF) has now stepped in to demand financial discipline.O’Neill said the IMF’s directive to return PNG’s debt-to-GDP ratio to about 35 percent underscored global concerns over the country’s economic stability. He argued that Marape’s borrowing spree ha…
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