President Momis has told Bougainvillean critics of his economic policy to offer an alternative (see below).
The President’s economic policy, as it currently stands, holds that the reopening of Panguna will lead to a massive injection of revenues, reinvigorate agriculture and put everyone on track to the good life.
Where is his data to support these claims?
How much will it cost to restart Panguna? What kind of credit arrangements will the operator use? Will they expect a substantial tax holiday? Will there be any substantive financial returns to the government within 10-15 years?
Given depressed international mineral prices, will corners be cut on the environment to save money?
How will government machinery handle any revenues when they do flow in, given that there is rampant corruption, with auditors slamming the ABG?
Has the Momis government brought in top agricultural experts to advise him, like he has with mining? Can the reports of these experts be made public? Or has he dismissed alternatives to mining based on the guidance of his current Australian advisers who have no expertise in the area? Or is this the advice of Adam Smith International?
What advice has he received from the American hedge fund trader William Lawton he contracted to develop economic policy for Bougainville? Why has he looked to an American hedge fund trader to develop the economic policy for a small, rural country?
What advice has he received from his colleague at Bougainville POGE, the Filipino businessman Walter Brown who has been involved in numerous oil palm scandals?
At the moment all the President has offered are unfunded promises of great wealth, he has not explained how in a depressed international economy, with dropping mineral prices, his grand claims will come into being.
050115BOUGAINVILLE MUST MEET FISCAL SELF RELIANCE
BY Aloysius Laukai
The ABG President, Chief DR. JOHN MOMIS says that Bougainville needs to meet Fiscal Self Reliance with Good Governance and Weapons Disposal as condition before the referendum is held.
Speaking on NEW DAWN FM, President Momis said that he sees no other option to meet this fiscal self reliance but to open the PANGUNA COPPER MINE under the new Bougainville mining law.
He said that Weapons disposal and Good Governance can be met in time but he was more concerned at the fiscal self reliance was currently out of reach and most critics who do not want the mine to re-open are not providing the alternatives for raising these funds.
PRESIDENT MOMIS said that Agricultural commodities can be fast-tracked once funds are raised from the mine.
He said funds can be raised immediately once the approval is given and starting at reconstruction stage.
PRESIDENT MOMIS said since the end of the Bougainville conflict WORLD BANK AND AUSAID pumped in a lot of funds on Cocoa rehabilitation but the COCOA POD BORER killed these initiatives and will take time for these products to come on line.
AND with the drop in prices the help needed by Bougainville is not coming at all said President MOMIS.
Responding to comments made by DR.RUTH SPRIGGS, he said that under the new mining law Bougainville land owners are fully protected and on top of that they have the VETO power to halt any operation if they are not happy with the company or the government.
He said if critics think their option like planting and selling Tomatoes and other garden foods can make Bougainville reach economic self reliance within the short time remaining to referendum, then they should tell the government of these options instead of just criticizing the government.