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Papua New Guinea Treasury Minister Don Polye has stated that all proceeds from the sale of the liquefied natural gas (LNG) Project will go directly into the Sovereign Wealth Fund.
“I would like to assure the people of Papua New Guinea that all proceeds of LNG will go directly into the SWF and I mean 100% of it. The first sale of the LNG will begin this year and the projected growth of the economy will be roughly approximately valued around K52 billion (US$20 billion) when the first proceeds of the sales of LNG start coming in.
“After the funds have been parked in the SWF, we will sit back, look at the economy and discuss manageable ways in utilising the money for the country’s gain.”
Minister Polye highlighted that the Government will be looking at the possibility of tapping into the international markets to invest those funds as they will bring more interest into the economy of the country.
“Our focus is to look into the tiger Asian economies like Singapore, Malaysia, and other strong economy countries in the world as well and possibly invest some of the proceeds of the money. This will enable the country to gain a significant return on its investments for the betterment of the country.
“The Sovereign Wealth Fund will be discussed and finalised during the next parliament session in May this year," he said.
Minster Polye added that our Gross Domestic Product (GDP) in 2012 was valued at K32.1 billion (US$12.4 billion). It rose to K34.6 billion (US413.4 billion) last year.
“By 2015 the projected growth of GDP will reach K39.5 billion (US$15.3 billion) and a growth rate of 21.1 %. I am working with a disciplined focus to ensure the country’s GDP is growing strongly.”.
SOURCE: POST COURIER/PACNEWS
Pacific Islands News Association
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