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World Bank makes move to secure foreign access to PNG resources

September 19, 2013 Leave a comment Go to comments

Not hard to see the game that is being played here – and surely not even Polye really believes it is his management of the PNG economy as Treasurer that qualifies him the job…

PNG’s Polye selected as chairman of World Bank and IMF

Radio New Zealand

Papua New Guinea’s Treasurer says his selection as next chairman of the board of governors of the International Monetary Fund and the World Bank will enhance PNG’s increasing role as a major player in the Asia/Pacific region

Don Polye was selected to be the chairman in 2014 by fellow governors, who are usually finance ministers of member countries.

He told Johnny Blades he was humbled and honoured at being chosen.

DON POLYE: Not only for myself, but I was thinking it was an honour and recognition they’re giving to the Asia Pacific region, and in particular Papua New Guinea as a developing economy. And it was a honour for the country and the people of Papua New Guinea.

JOHNNY BLADES: Yes. How does it work? Do they just select you out of the blue or do you make it known that you’re up for the position?

DP: There would be some level of lobbying involved. In my case, I was asked by the Executive Board of the IMF in Washington if I personally wanted to take up the position of chairman on behalf of Papua New Guinea. And I felt there would be even better people than myself to take over the post, because, firstly, I’m a civil engineer, and I’ve got a Masters in Business Administration, but I’m not really an economist, [which] is relevant to the position. However, despite the adversity that I expressed to them, they said we’ll not let you rule out the secretariat of the board and a technical team got assigned with the chairmanship, and also they probably had observed Papua New Guinea performing under my leadership as the treasurer over these last few years and they gave me that vote of confidence.

JB: It’s also a recognition, isn’t it, of PNG’s role as a major player in the Asia Pacific region?

DP: Yes, Johnny. I think you’re right. Papua New Guinea has got to illustrate its leadership in working and rubbing shoulders with the others in the Asia Pacific region to contribute meaningfully to the development of the regional economy, but also integrating the regional economy with the global economy. How much Papua New Guinea can contribute in a little way as to how we can [Indistinct] systems, but also enable growth of the economies of the other countries and the world economy, how much individual countries can contribute to economic growth while at the same time maintaining financial systems and monetary stability. So Papua New Guinea must play some role. It also lifts the profile of Papua New Guinea’s leadership there, which is a challenge. We Papua New Guineans will have to stand up and show that we are not just a developing nation in the Asia Pacific, but one that can show leadership.

  1. September 19, 2013 at 6:19 pm

    Who on crack appointed don polye??

    Sent from Elvix’s iPhone

  2. pkay
    September 20, 2013 at 7:49 am

    I don’t believe Don will have too many run-ins or predicaments with his new “employer”. It is a well manicured and neatly caricatured position with formalities to follow already in place so him no rock the boat. Good for PNG image-wise when we ‘ev appalling crime rate, including spate of homicides. The real value to Minister Polye (and PNG) is he will make useful contacts and will learn and gain a lot more about global deals, trends and perceptions in the finance world – much more than what he will bring to the position. Good on him, me ‘ev nah qualms ’bout his selection, especially if him learn a thing or two about budgets and gives us surplus budgets while him still a Treasurer.

  3. Bush Kanaka Mangi
    September 20, 2013 at 9:54 am

    Its a conspiracy theory only Iam about to say here, but it has some concrete truths in it …… what we are now witnessing and the actions of Peter O’Neil is more a silent and covert operation of foreign elements especially the International Financial Institutions of very wealthy families and individuals. PNG is now caught up in it. With the annoucement that Treasurer Don Polye was appointed or elected by other Treasurers of other countries to be the Chairman of the World Bank and IMF …. that is a very clear signal that, they are now putting the net around PNG and are dragging it into the global financial system to strangle PNG. Being the Chairman comes with money, power and previliges and all DECISIONS are and by the Board and in his position alone as Chairman, he cannot rock the Boat/Board.

    Whether Peter O’Neil and Don Polye realised that or not …..they are being lured and will be used. They already have alot of investment in PNG … the largest single invest is the LNG worth US$2 Billion and the next is the WB/IMF share in BSP of around 24% … and PNG Peter and Don have already borrowed from the International Financial market around US$6 Billion using PNG’s natural resources like gold copper and oil and gas as security ….. now the OK TEDI mine comes into play here … with PNGSDP no one from outside can touch it …. its the people’s (PNG and Western) money is protected…the only body that can touch it is PNG Govt through legislation and they did yesterday in Parliament and so what we are seeing is the International Financial Institutions like JP Morgan, Rockerfella and Rochilda and those who have and own Exxon Mobile, Shell and other investors in PNG LNG Gas Project are playing their games to destablise the PNG economy and by doing that, make it very difficult for PNG to repay the loans US$6 Billion and when that happens they come into PNG through the WB/IMF to take over PNG. This is their game and Peter O’Neil, Don Polye, Ben Micah and James Marabe I believe have compromised PNG and have or are in the process to selling off our natural resources and wealth for our future generations and very soon we will become puppets, beggars on our own land and being owned by the WB/IMF and the Private International Financial Institutions ….. what is happening in PNG is not new, the same group have done that in Africa, Central & South America, Europe, Asia and Middle East………We cannot let Peter, Don, Ben and James do this to PNG.

  4. September 21, 2013 at 9:56 pm

    Seriously, does PNG really need fame or development. Doing a presentation on IBRD, an arm of the WB, this coming week and reading this just makes me wanna puke.!i

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