Papua New Guinea faces cash crunch as China repayment schedule ramps up via barrett_ink char_greenfield
SYDNEY/WELLINGTON - Papua New Guinea’s annual debt repayments to China are forecast to increase 25% by 2023, new budget figures show, at the same time as the Pacific nation falls to its largest ever deficit.
Balancing its books has been made more difficult by recalculations to the country’s outstanding debt. It has soared 10 percentage points since the last annual budget to 42% of gross domestic product , above the legal limit of 35%. The U.S. has repeatedly warned that China was using “predatory economics” to destabilize the Indo-Pacific; a charge strongly denied by Beijing.
“At that time, we were in the midst of the APEC extravaganza with our new APEC Haus, red carpet, fancy new roads all focused in Port Moresby, and Maseratis,” he said in a speech delivered to parliament on Thursday.The purchase of a luxury fleet of cars during the forum, that included 40 slick Maserati Quattroporte sedans, sparked public protests at the time, given the country is beset by poverty.
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