Papua New Guinea Prime Minister Peter O’Neill formally resigned on Wednesday after losing the support of parliament during weeks of political turmoil in the South Pacific island nation.
O’Neill was met with applause when he announced to parliament in Port Moresby that he had delivered his resignation to Governor-General Bob Dadae on Wednesday morning. His resignation headed off an opposition no-confidence motion.
Parliament dismissed not long after and will reconvene to choose his successor on Thursday, drawing a line under a time of bedlam yet additionally setting off an exuberant new round of dealmaking.
It was not promptly certain whether O’Neill’s administration could endure.
“It’s very open-ended now,” said Paul Barker, executive director of the Institute of National Affairs, a Port Moresby-based think tank.
“It’s going to be a fascinating 20-or-so hours until we see what the outcome is,” he said.
Experts state the disturbance could defer asset extends on the planning phase and significant vitality organizations engaged with PNG, including Total SA and ExxonMobil Corp, are observing intently.
Political unsteadiness isn’t bizarre in the neediness stricken yet asset rich nation. Be that as it may, developing worry over administration and asset benefits not achieving the poor drove the most recent endeavors to topple O’Neill.
“It has been my great honour to serve this nation and lead this nation almost for eight years … unfortunately politics in PNG plays out this way,” O’Neill told parliament.
“For the interests of the ongoing political stability and to ensure that we create confidence in the business community and the economy so that we can continue to have social unity in the country, it is important that I vacate this seat so that we can be able to move on,” he said.
O’Neill was embraced by supporters and shook hands with opposition lawmakers after addressing parliament.