Alternative Prime Minister nominee and Finschaffen MP Rainbo Paita is strongly urging the government not to sell PNG’s shares in BSP Financial Group, saying that it’s a bad move for the country. In a statement, Paita urged the government and Prime Minister James Marape to reconsider the decision to sell the country’s shares in BSP Financial Group held by Motor Vehicle Insurance Limited (MVIL). Paita was responding to the National Executive Council’s (NEC) Special Meeting No. 11/2023, Decision no. 94/2023, which opted to sell these shares due to depleted national coffers. However, Paita explains that these shares bring in steady income to support our national budget, highlighting that the people of Papua New Guinea collectively own BSP through shareholdings managed by Kumul Consolidated Holdings Limited (84,811,597 shares, 18.15% ownership) and MVIL (31,243,736 shares, 6.69% ownership). He argued that BSP’s consistent dividend yields, averaging 10% annually, provide crucial support to the national budget, unlike the volatile resources sector. "The state’s BSP shares are valued at K2 billion, yet the Prime Minister seeks to sell MVIL’s portion for a mere K300 million,” Paita said as he criticized the proposed sale. “This hurried divestment is not in the country’s best interest," he said, raising concerns about the sale, and demanding transparency, and further asking important questions about how the sale will be handled, as he maintains that selling the shares is not in the best interest of the people. Paita is urging all MPs to oppose the sale of BSP shares, calling it a vital asset for future generations. He has warned financial intermediaries against participating in the deal, promising rigorous investigation by a new government. "The country demands an immediate and transparent explanation from the Government for this extraordinary decision," Paita said, posing critical questions about the sale process and its implications for MVIL.