The National Government is expected to formalise the establishment of the Administrative Secretariat of the Sovereign Wealth Fund (SWF) of Papua New Guinea at the Central Bank.
Bank of Papua New Guinea Monetary stated in its Policy Statement for the month of September 2016
“The Bank has sought external technical assistance to establish the Administrative Secretariat of the SWF.
“A technical report on the assessment of existing capacity in managing the assets and possible models for the establishment of the Secretariat was completed in July 2016. The Bank is now working on developing a suitable model for the establishment of the Secretariat,” the statement read.
The proposed Sovereign Wealth Fund of PNG will be a PNG Government owned investment fund or entity.
Its purpose is to prudently manage surplus funds or revenues build infrastructures, stabilise the economy and save for future generations of Papua New Guineans.
The SWF will ensure revenue from non-renewable resources are well managed, equitably distributed and used sustainably to improve socio-economic indicators of PNG.