PNG Sovereign Wealth Fund endorsed

PAPUA New Guinea’s National Executive Council has endorsed the establishment of a PNG Sovereign Wealth Fund.
PNG Sovereign Wealth Fund endorsed
PNG Sovereign Wealth Fund endorsed
PNG Sovereign Wealth Fund endorsed
PNG Sovereign Wealth Fund endorsed
PNG Sovereign Wealth Fund endorsed

While the legislation was passed in 2011, disputes and procedural errors have plagued the setting up of the fund that is intended to control spending of the revenue generated by the PNG LNG project.

In a statement, Prime Minister Peter O'Neill said the cabinet had endorsed the establishment of the fund under organic law and approved a certificate of compliance issued by the First Legislative Counsel.

In support of the PNG SWF, Prime Minister O'Neill said cabinet had taken note of the First Legislative Counsel's draft bill for the establishment the fund under the organic law.

The Prime Minister said NEC would advise the Governor General to recommend to parliament that the bill be accepted.

"NEC also directed SWF Secretaries Committee to report back to cabinet, through Ministerial Committee on Economic Sector, with updated action plan to operationalise the SWF," O'Neill said in a statement.

O'Neill said cabinet had also approved the engagement of an external law firm by the Department of Treasury to assist the SWF Secretaries Committee prepare secondary legislation, consequential amendment to existing legislation's and regulations and procedures necessary to operationalise the SWF.

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