- Business News : Trade talks 'open' [29/09/2016 - Fiji]
- Business News : Trukai plans to grow rice in PNG [29/09/2016 - Papua New Guinea]
- News : UN officials optimistic of Paris climate accord’s entry into force by year’s end [29/09/2016 - United States]
- News : Tongan Police pull out of pursuit of desperate man on yacht 'Sea Oak' [29/09/2016 - Tonga]
- News Feature : On World Day, UN spotlights role of maritime transport as backbone of global economy [29/09/2016 - Switzerland]
- Business News : ‘Buy FSM made’ label conveys uniqueness of local story [29/09/2016 - Micronesia, Federated States of]
- News : Incumbent Palau President Remengesau to face sitting senator for Nov. 1 election [29/09/2016 - Palau]
- News : Additional jail term for 11 Vanuatu politicians [29/09/2016 - Vanuatu]
- News : MSG Leaders Summit postponed [29/09/2016 - Vanuatu]
- News : Vanuatu and New Caledonia hold bilateral talks [29/09/2016 - Vanuatu]
- News : From salesman to forest defender, Papua New Guinea activist wins U.S. award [29/09/2016 - Papua New Guinea]
- News : Fiji participates in aviation climate negotiations at ICAO Triennial Assembly [29/09/2016 - Canada]
- 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 Indonesia begins lobbying for UN Security Council seat Kiribati swears-in new Minister of Justice and appoints first female Attorney General Kiribati swears-in new Minister of Justice and appoints first female Attorney General Indonesia begins lobbying for UN Security Council seat West Papua remains a part of Indonesia: PNG Govt Fijian Opposition MP suspended until 2018 New Bulgarian candidate could scupper Clark's UN chances Pacific islands, ready for UN Climate Change Negotiations in Morocco after a three day ‘power’ session with negotiation experts
Pacific Islands News Association
Who & What is PINA?
International News Safety Institute (INSI)
Media Helping Media