PNG Sovereign Wealth Fund

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.      

PNG SWF consists of a number of sovereign funds aimed to support the long-term social and economic development objectives of the State.

It provides a means of saving for future generations and facilitates the macroeconomic stabilisation of the PNG budget and economy.

The three reports are among others that will be released this year, including the Small and Medium Enterprises, internet access in PNG, state of the economy and the review on Port Moresby and Lae City urban plans.

NRI director Dr Charles Yala said all the reports will not be publicly launched.