Sovereign Wealth Fund

Today, Deputy Prime Minister and National Treasurer, Charles Abel, addressed the Mining & Petroleum conference, saying the Fund is a critical part of PNG’s medium term strategy in building the country’s economic resilience and saving for future generations.

The National Treasurer addressed a packed conference room, of the government’s observations on the mining and petroleum sector.

The notion to set up a Sovereign Wealth Fund stems from four key characteristics that shape how the government should think in driving the sector.

Shadow Finance Minister Bire Kimisopa made this statement in Parliament yesterday after the supplementary budget was tabled by Treasury Minister Patrick Pruaitch.   

“If we have a sovereign wealth fund we will be able to mitigate all these, we will be able to support the budget, and perhaps consolidate the exchange rate and give confidence to private sector in terms of the foreign currency situation in the country to access foreign currency to pay for goods and services overseas,” Kimisopa said.