| The importance of the PNG Sovereign Wealth Fund cannot be understated as it aims to ensure PNG’s natural resource revenues are well managed and used.Deputy Secretary-Economic and Financial Policy from the Treasury Department, Mr Anthony Yauieb said this yesterday in Port Moresby at a national budget forum hosted by the National Research Institute.
He said nearly 40 nations around the world have Sovereign Wealth Funds and it was time for PNG to also benefit from this well established practise of managing resource wealth. Yauieb explained that the 2011 budget approved in November 2010 provided for the establishment of the SWF and its key design elements. “Since February last year, the Government has been developing the SWF framework and its legislation which the Government endorsed last October...............................................Full Article: Source
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