Papua New Guinea Post rescue package
The Papua New Guinea Cabinet has approved a financial rescue package for the countrys postal service. The Papua New Guinea government hopes PNG Post can be sold to the private sector, but Prime Minister Mekere Morauta has admitted that in its current state nobody would want it.
After years of inefficiency, mismanagement and fraud the postal system is close to collapse and is probably insolvent. Cabinet has approved the appointment of an interim liquidator and has allocated revenue to keep the system going. Post PNG has not been audited since 1996 but appears to have running at a loss for several years. Some of its creditors have already withdrawwn services.
