PM: New treasurer to take up World Bank role; March 17,2014, 02:09 a-Post Courier. By Alexander Rheeney THE position of chairman of the Joint Board of Governors of the International Monetary Fund (IMF) and World Bank will go to the new treasurer in the O’Neill Government. Prime Minister Peter O’Neill said this on Friday when asked by reporters on whether former treasurer Don Polye will retain the position following his sacking last week from the National Executive Council. That position is not offered to individuals. It is not given to Peter O’Neill or Don Polye or anybody. It is offered to Papua New Guinea and the last time I saw Papua New Guinea still existed. So the new treasurer will take up the responsibility, whoever takes up that position, said the PM. The Kandep MP and former treasurer was given the approval to be chair Joint Board of Governors of the International Monetary Fund (IMF) and World Bank in October last year and was even congratulated by the PM at that time upon his appointment, saying his elevation was a vote of confidence in PNG and it put the country on the global stage. However, Mr Polye’s refusal to sign a $A1.2 billion loan deal with the UBS investment bank to enable the O’Neill Government to purchase a 10.1 per cent stake in Oil Search Ltd led to his sacking from cabinet last week. He has maintained that he refused to sign the loan deal because it would add to the country’s debts and needed the approval of the National Parliament, in line with section 209 of the PNG Constitution. But Mr O’Neill told reporters in a press conference last Friday that it was a National Executive Council decision to approve the loan and no one including Mr Polye should refuse to adhere to its decisions. A Prime Minister cannot undermine NEC decision, ministers of state cannot undermine NEC decision, government officials cannot undermine NEC decision. Only Parliament can dictate to NEC. That is why we could not tolerate that kind of instability in government, that is why we had to make those decisions we made (to sack him), said the PM. When asked when the next cabinet reshuffle is, Mr O’Neill said reshuffles were done to promote the national interest and to maintain stability but he did not indicate when would be the next reshuffle.
Posted on: Mon, 17 Mar 2014 07:18:50 +0000
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