
Yesterday, while explaining the difference between Devaluation of the Kina and Depreciation of the Kina, my good friend Treasurer Stuckey said the Devaluation of the Kina as recommended by IMF and World Bank will give us “short term pain for long term gain.” There’s that popular Marape Government phrase again.
When Marape was pushing to close down Porgera, he told us its “short term pain for long term gain.” Porgera was closed for 5 years and now we know we won’t gain any direct benefits for another 10 years. So is short term pain 15 years? Is that the Marape definition of “short term”?
When Marape was renegotiating Papua LNG after the previous Treasurer Hon Charles Abel had already negotiated for 58% net cash for PNG, PMJM said “short term pain for long term gain” that’s why he stopped the project and commenced a new round of negotiations.
Had we stuck to the original Papua LNG schedule, Total would have invested $13b (K52b) and created tens of thousands of jobs for our people in the last 3 years and Papua LNG would have exported first gas this year. Now we hear Papua LNG might start in 2028 or 2030. So short term pain is 10 years in this case.
Porgera and Papua LNG would have reduced our need to borrow money and they would have fixed our FX problems and our cost of living crisis. Our PM decided that we needed 15 years of pain.
My reading of the chaos created by all these incompetent decisions and the missed opportunities is that an economic turn around is probably going to happen by 2032. So the decisions of the Marape government will result in another 8 years of short term pain for our people.
So I assume the Marape definition of short term pain is 13-15 years. Interestingly the Budget Repair plan that required K34b in borrowings over 5 years, is a 13 year plan.
While PM and Treasurer speak of pain in mathematical terms, the actual pain felt by real people is astronomical. People can endure perhaps 5 years of pain but asking our people to endure 15 years of pain? Is this acceptable to our MPs and our people? Do we want another 10 years of Marape’s deliberately initiated pain?
15 years of pain. That is the Marape Plan. That’s his definition of short term pain. Are we the people of PNG happy with that? Are we all happy to take another 10 years of pain? Can our people survive that?
Most MPs want to get re-elected in 2027, well guess what? The economy will actually be worse in 2027 than it is now. So should the country elect the very people who created the problem and didn’t lift a finger to fix it?
Because that is the Marape promise, 15 years of short term pain in the richest, black, christian nation on earth.



