O'Neill has been very wise in dealing with callenges head on and by issuing public statements instead of letting those who oppose him go to the press and twist his words. It's a big change from prior PMs and it stops opposition antics dead in their tracks. Namah flapped to Parliament and the press that O'Neill should resign because the US $1.2 billion UBS loan used to buy OSH shares increased the net govt debt too much. O'Neill smacked him with a math lesson.
"THE ARGUMENT THAT THE LOAN INCREASES OUR DEBT LEVEL IS NONSENSE"
"The National Executive Council’s decision on the US$1.2 billion (about K3 billion) UBS Bank loan is final and is based on independent advice, Prime Minister Peter O’Neill says.He was responding to criticisms by Opposition leader Belden Namah on the Government’s decision to borrow the massive loan to buy back 10.1% of Oil Search Ltd.“The concern raised by the opposition leader is again aimed at sensationalising this transaction,” he said in a statement on Friday.“We know that all negotiations and discussions between our officials, Oil Search and the bankers UBS followed the highest degree of independence, transparency and accountability.”O’Neill said these companies are listed on the stock exchange and are required by law to report all details of transaction for public and their shareholders information. “It is very certain that all leading financial experts and shareholders have gone through the arrangements in more detail than any other transaction,” he said.“We are aware of our own obligations, that is that this transaction must comply with our laws and therefore unlike any other financial transactions in the past, our Government will table all documents in the coming session of Parliament for public consumptions.“We are advised by our officials at the Central Bank and Treasury, the managers of our economy that this deal is being structured similar to the IPIC loan but on better terms.“Our loan is not going to increase the overall debt of the country, in fact it will be reduced from around US$1.6b of IPIC loan to US$1.2b UBS on better terms including reduced interest of under 5%. “Our officials are keen on refinancing this loan within the next 24 months to concessional rate of around 2% so that our people and our country can increase benefits due to them.“The argument that it increases our debt level is simply nonsense. “The Government is keeping this transaction off the government accounts by vesting it with Petromin just like the IPIC loan with Kroton and Independent Public Business Corporation. “Finally, all leading financial experts who are familiar with this transaction and the IPIC loan says that PNG has achieved what many thought was impossible.“This is a huge financial gain for PNG and most important of all is that PNG is fast becoming a major player in the oil and gas industry.“Only a few politicians with their own agenda think otherwise.”
"Prime Minister Hon. Peter O'Neill stands his ground"
Prime Minister Hon. Peter O’Neill has accused Opposition leader Belden Namah of being a self-appointed “financial expert”.He said this in response to Namah releasing a letter from State Solicitor Daniel Rolpagarea who advised the State that Parliament should approve the Government US$1.225 billion (about K3 billion) loan to fund its 10.1% stake in Oil Search.In a letter to acting Treasury Secretary Dairi Vele dated March 5, Ropalgarea said it was a requirement under the Constitution that Parliament must approve such “bridge-and-collar” loans.O’Neill told reporters last Friday: “I know the Opposition leader’s issue about the advice from the State Solicitor.“That was an earlier advice given to Treasury. There was an advice, which was later given to Cabinet which cleared the transaction.“So there’s a later advice from the State Solicitor saying that the transaction was in order for Cabinet to approve it.“What we have seen, of course, is a few leaders taking it upon themselves to become financial experts and try to undermine Cabinet decisions, undermine the integrity and interest of PNG citizens.”O’Neill said he was elected by the people to protect their interests and would not be influenced by Namah.“They gave me that mandate in 2012,” he said.“I know that Namah has been calling for my resignation every time he has a press conference.“Tell him to be patient, tell him to give us his policies. “We know he says that we’re stealing his policies.“Not long ago, he said he went on a three-month overseas tour because he was writing up his policies.“Now he can’t produce one so he’s giving all kinds of excuses.”
Namah tries, but he still only has 6-8 that are part of the Opposition.