MORI: STOP BORROWING FOR PMIZ

"Responsible authorities must use money made available from the project to pay back the loan from Exim Bank of China."

The National Government said no more monies will be borrowed to fund the operations of the Pacific Maritime Industrial Zone Project (PMIZ) in Madang.

Minister for Commerce and Industry Wera Mori said the PMIZ project is a National Government project and responsible authorities must use money made available from the project to pay back the loan from Exim Bank of China.  

He said citizens must not be responsible to pay tax to repay the loan.The concerned Minister said despite the National Government handing over the PMIZ project to the Madang provincial government to manage, the project is still a National Government project.  

Minister Mori said this when stating that the loan drawn to build the two wharves in Madang is a concessional loan and it can only be signed between National Government and Chinese Government.  

“The Exim bank of China doesn’t provide loans to any other entity apart from National Governments”, Mori said.

He said therefore more infrastructure is needed to deliver the project and these is where the department comes in to support the Madang provincial government.  

“There are things like these that are beyond the capacity of Madang provincial government to manage the project,” said Mori.  

 

By Tom KILAVI
March 4, 2019