New PNG leader freezes IMF-backed asset sales. (Asia news: a summary of the top stories in the Asia Pacific region).

Vietnam Investment Review, August, 2002

PAPUA New Guinea's new prime minister halted the impoverished country's IMF-backed privatisation programme, saying his government needed more time to review state asset sales.

Less than a week in office after a long and violent election, Prime Minister Sir Michael Somare said his predecessor Sir Mekere Morauta pushed through the sell-offs in a rush to make a "quick buck."

He had instructed officials to "order a halt to the privatisations," Somare told reporters.

Backed by the World Bank, the International Monetary Fund and big aid donors like neighbouring Australia, ousted prime minister Morauta tried to push through a broad privatisation programme but met stiff opposition from unions and the public.

The halt on all sell-offs, including...