- News Feature : Council meeting boosts momentum on ACP Group future perspectives [26/11/2015 - Belgium]
- Business News : Solwara One project to begin in 2018 [26/11/2015 - Papua New Guinea]
- Business News : ADB, Vanuatu sign agreement to rebuild roads after cyclone Pam [26/11/2015 - Vanuatu]
- News : President of Kiribati tells world leaders to leave the politics at home for Paris climate conference [26/11/2015 - France]
- News : Commonwealth meeting is 'training camp' for Paris climate talks, says Dion [26/11/2015 - Malta]
- News : Prince of Wales proposes new initiative to help environmental projects [26/11/2015 - Malta]
- News : Wallis to join Pacific Leaders Group [26/11/2015 - Wallis and Futuna]
- News : Warnings in Samoa as cyclone develops [26/11/2015 - Samoa]
- News Feature : Pope Francis calls for strong climate agreement during visit to UN office in Nairobi [26/11/2015 - Kenya]
- News : Younger candidates take vote lead in Marshall Islands election [26/11/2015 - Marshall Islands]
- News : Kauona: Review Bougainville peace deal [26/11/2015 - Papua New Guinea]
- News : Willingness to speak out behind high Pacific gender abuse figures [26/11/2015 - France]
- Sponsored : Oceania National Olympic Committees (ONOC)
Sovereign Wealth Fund to stabilise PNG economy
Director for Institute of National Affairs (INA) Paul Baker said that the government introduced SWF to control money coming in and going out of the country which will be invested or kept offshore and managed onshore.
Baker said that SWF is replacing the trust account which recorded windfalls in 2008.
However, the revenues where poorly managed because of the questionable management that boost the inflation rate.
“The national government budget is expected record an estimated amount of K12 billion in the coming year,” Baker said.
He said that SWF will cater for the fluctuation in the economy and avoid the surge of Kina that might occur in the future as a result of the LNG project.
Baker he said that SWF will provide checks and balances to avoid misappropriation and double dipping which occurred sometime back when the government put the trust funds.
He said that the money in the public trust funds were abused and shifted into private trust account by individuals and parliamentarians because of the system in which the public are not aware of what is going on.
“The growth on gross domestic product (GDP) to an estimated figure of 20 percent will see a little change in the gross national product (GNP) because a lot of money will be repaid to investors from overseas,” Mr Baker said.
SOURCE: POST COURIER/PACNEWS
Most read Children will bear the brunt of climate change – UNICEF report Children will bear the brunt of climate change – UNICEF report President of Kiribati tells world leaders to leave the politics at home for Paris climate conference President of Kiribati tells world leaders to leave the politics at home for Paris climate conference Commonwealth meeting is 'training camp' for Paris climate talks, says Dion Warnings in Samoa as cyclone develops Council meeting boosts momentum on ACP Group future perspectives Commonwealth meeting is 'training camp' for Paris climate talks, says Dion
Pacific Islands News Association
Who & What is PINA?
International News Safety Institute (INSI)
Media Helping Media