But O'Neill on Tuesday said, "Not so fast my friend"
"PM promises: Oil Search shares being paid for
- See more at: http://www.pngloop.com/2014/05/27/pm-promises-oil-search-shares-paid-2/#sthash.dad4GElt.dpuf
Prime Minister Peter O’Neill tonight confirmed to PNG Loop that the government is up to date with its repayment on the controversial UBS loan with two payments made and a third one expected this month.
There has been no defaulting, Mr O’Neill told this reporter after weeks of rumours online and in political circles and a silence from politicians and senior public servants in the finance area. O’Neill says PNG will continue to its meet its obligations.
“Loans are borrowed to be repaid, PNG has never defaulted and has no reason to do so,” he says. O’Neill says PNG has sufficient revenue inflows to meet its financial obligations.
Recently a letter purported to be from Treasury Secretary Dairi Vele warned the Ombudsman Commission of the consequences of missing loan repayments.
The letter followed the reports of the deadline falling due early this month with the prospect of the Government losing the Oil Search shares that are tied up with the loan. The government is satisfied with the loan arrangement given the surge in Oil Search shares since it bought them in February at $8.20."
- See more at: http://www.pngloop.com/2014/05/27/pm-promises-oil-search-shares-paid-2/#sthash.dad4GElt.dpuf
How are loan payments being made? It's another PNG mystery