Minister for Finance and Rural Development, Sir John Thomas Pundari has come out in support of Treasurer Ian Ling-Stuckey for tabling the Central Banking (Amendment) Act 2021.
He said the Bill was passed unanimously by Parliament and with strong support from the Opposition Leader Belden Namah.
“The Government under Marape has promised change and we have done that with our Ministers stepping up to the plate.”
"PNG is a growing and contemporary society that must evolve with the changing times by improving existing laws or introducing new ones. That is our foremost duty to the nation and its people as MPs. We are legislators first," stated Sir John.
He said these reforms are prudent and very much necessary.
"The amendments improve accountability and transparency, entrusting responsibility of the Central Bank to a Committee rather than a single person (Governor). Bringing more balance and confidence to our monetary policy.”
Minister Pundari also congratulated the new Board and said he had full confidence in it.
"They are each distinguished professionals with outstanding qualifications. I do not think anyone will have any question on that. We must have faith in our own people," said Sir John.
The Finance Minister also pointed out that the reform applies strict limits on the role of the Central Bank in financing Government.
"These changes are long overdue and will strengthen the independence and governance of the Central Bank. More importantly it will enable it to meet new challenges as they arise.
"I commend the Treasurer for the Bill. We are preparing ourselves well and moving at our own pace as a nation to a modern and competitive society."