OSH 1.12% $7.24 oil search limited

Traders Running Scared : OSH

  1. 99 Posts.
    Good news in the Quarterly reports only to be smashed back on newspaper reports. I see no other reason why the price of Oil Search should be held down so low and as for the report in the paper when they look at the current debt level in PNG at 76% of total GDP its not as low as the 30% and creates panic. The country went through turmoil a few years ago and Bougainville was at the heart of it but the country survived and they will survive this, so to think of the counrty finished is a scam and when Parliament meets next week you will see how things will change in PNG and there will be reform and Oil Search will get back to levels it should be, so don't write this stock off. I wonder if they will write off Lihir Gold ?

    PNG close to collapse says Lupari

    PAPUA New Guinea is on the verge of collapse.
    That was the bleak picture former Finance Secretary Issac Lupari gave the National Alliance and its coalition partners in Kokopo yesterday.
    Mr Lupari said the country had K7.56 billion outstanding in debts which represented 76 per cent of total GDP.
    “As of last year, public debt was close to about K8 billion. That represents 76 per cent of the total GDP.
    “In many countries if they reach 30 per cent, they panic. They start looking at ways to reduce that as it means that they are on the verge of bankruptcy. But we are at 76 per cent. That is like a time bomb that is ticking away,” Mr Lupari said.
    “Soon all our creditors will call on our nation to be declared bankrupt like many African nations. The new Government must treat this seriously.”
    Mr Lupari said the first quarter to March this year already shows a budget deficit of K127.7 million and a yet-to-be publicised International Monetary Fund report indicates that at this rate the 2002 budget deficit could reach up to K600 million.
    Mr Lupari, backed by one of the architects of the Medium Term Development Strategy Kairuku-Hiri MP Sir Moi Avei, Lae MP Bart Philemon and outgoing Wapenamanda MP Masket Iangalio, told the gathering all economic indicators point to a worsening economy since 1990.
    They told the meeting that budget deficit and public debt had been increasing, the kina was diving, interest rates and inflation were fluctuating wildly and remained still on the high side.
    Mr Lupari said foreign reserves were built up artificially as they was based on loans the World Bank, the International Monetary Fund and Friends of PNG had given to be repaid with interest.
    “Just looking and hearing this, I am scared for this nation,” said new Ambunti-Dreikikir MP Tony Aimos, “How can we save this nation?” he asked echoing the sentiments of the meeting.
    Mr Lupari said there must be fiscal discipline to spend “only what you have with limited borrowing’’. “This country — this government in waiting I am addressing — will have to change the public expenditure as well,” he said.
    Earlier, dire health statistics showed up to 15,000 infant deaths a year and a high rate of maternal mortality of 1500 deaths a year, which set the stage for a sombre briefing.
    Former Health Secretary and new Abau MP Dr Puka Temu, told the briefing: “How would MPs feel if 1000 children’s corpses were brought to Parliament each month?”

 
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