[asia-apec 1221] PNG and Privatisation

[Gatt Watchdog]

Title -- 2259 ECONOMY: PNG to privatise state assets
Date --  2 August 1999
Byline -- None
Origin -- Pasifik Nius
Source -- Pacnews, 1045,  2/8/99
Status -- Unabridged
-------------------
PNG TO PRIVATISE STATE ASSETS

PORT MORESBY (Pacnews) -- Papua New Guinea (PNG) is to privatise state
assets in a bid to pay off a public debt of one-point-three billion
dollars.

Prime Minister Sir Mekere Morauta says his Government has established a
Privatisation Commission under Corporatisation and
Privatisation Minister Vincent Auali to implement the programme.

He said the privatisation programme is part of his government's strategy
to
resurrect PNG's struggling economy.

Sir Mekere said the PNG Government owes more than half of the huge
amount
to the Bank of Papua New Guinea.

He said it's imperative that this debt is repaid as quickly as possible
and
the only way this can be done is by the sale of
government assets.

Sir Mekere did not specify which government assets are earmarked for
sale
but observers say they are likely to be in the
telecommunications, electricity, water and transportation sectors...PNS



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