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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Fund Profile/New Launches, Performance, Reserve Currencies

Papua New Guinea: Parliament passes Sovereign Wealth Fund Bill

Posted on 23 February 2012

Peter O’NeillParliament passed the Bill to establish the Sovereign Wealth Fund for Papua New Guinea unopposed. The first vote on the Bill presented by Prime Minister Peter O’Neill was 80-0 while the second result was 78-0, surpassing the absolute majority vote of 73.
Prime Minister Peter O’Neill thanked Members of Parliament for passing the bill to establish the sovereign wealth fund. “The establishment of the fund is very important for our nation’s development. The fund gives us the opportunity to protect and grow surplus wealth from the export of our mineral resources, and our oil and gas,” Mr O’Neill said………………………………………..Full Article: Source


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