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Papua New Guinea

Papua New Guinea 456 the contemporary pacific fall 2002 For the preceding two years, the Morauta government and the Privati - Years of unabated and systemic cor- zation Commission have had to con- ruption within Papua New Guinea’s tend with the results of years of ram- government machinery and preoccu- pant corruption and mismanagement pation with political self-aggrandize- by political appointees, which by 2 0 0 1 ment over economic rationalities had virtually destroyed the indepen- finally took visible toll on the coun- dence and decimated the capital of try’s economy in 2001. Anyone famil- most of the state-owned enterprises. iar with the country’s past glory days Because the release of further World strolling through the streets of Port Bank loans was premised on the priva- Moresby would no doubt confront t i z a t i o n of the state bank, the Papua the stark realities of poverty in the New Guinea Banking Corporation eyes and physical appearance of most (p n g b c ), it had to write off bad debts city dwellers. Indeed, Prime Minister amounting to k45 million in order to Sir Mekere Morauta concedes that the attract potential buyers and struggled 1990s was a decade http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Contemporary Pacific University of Hawai'I Press

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Publisher
University of Hawai'I Press
Copyright
Copyright © 2002 University of Hawai'i Press.
ISSN
1527-9464

Abstract

456 the contemporary pacific fall 2002 For the preceding two years, the Morauta government and the Privati - Years of unabated and systemic cor- zation Commission have had to con- ruption within Papua New Guinea’s tend with the results of years of ram- government machinery and preoccu- pant corruption and mismanagement pation with political self-aggrandize- by political appointees, which by 2 0 0 1 ment over economic rationalities had virtually destroyed the indepen- finally took visible toll on the coun- dence and decimated the capital of try’s economy in 2001. Anyone famil- most of the state-owned enterprises. iar with the country’s past glory days Because the release of further World strolling through the streets of Port Bank loans was premised on the priva- Moresby would no doubt confront t i z a t i o n of the state bank, the Papua the stark realities of poverty in the New Guinea Banking Corporation eyes and physical appearance of most (p n g b c ), it had to write off bad debts city dwellers. Indeed, Prime Minister amounting to k45 million in order to Sir Mekere Morauta concedes that the attract potential buyers and struggled 1990s was a decade

Journal

The Contemporary PacificUniversity of Hawai'I Press

Published: Jul 1, 2002

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