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PINA
PNG look to Singapore as role model
By Online Editor
09:57 am GMT+12, 12/09/2012, Papua New Guinea

Papua New Guinea’s Minister for Public Enterprises, Ben Micah, says he will look at the way Singapore manages its State-Owned Enterprises (SOEs) and investments, as a possible role model for Papua New Guinea.

Micah is particularly interested in the structure, and operating processes of the Singapore government's investment company, Temasek Holdings.

He says, the relationship between Temasek, the government’s incorporated sovereign wealth fund, Singapore Investment Corporation, and the Central Bank, the monetary authority of Singapore, has some aspects that can be adopted in Papua New Guinea.

He stresses, it is important to keep an open mind about the most appropriate and up-to-date ways, of dealing with issues, adding the current model in P-N-G, since 2002, has not worked effectively.

Micah says, this has resulted in lack of service delivery, with millions of Kina injected into public enterprises with no tangible benefits, when the money should have been used for health, education and other services.

Micah met with Singapore's Deputy Prime Minister and Minister for Finance in his last visit, and talked about the possibilities.

He is hoping to meet with Temasek Holdings, the Singapore Investment Corporation and the Monetary Authority of Singapore.

SOURCE: NBC/PACNEWS


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