Key government agencies, state-owned entities, industry representatives and development partners convened in Port Moresby this week and participated in a stakeholder consultation on the review of the Organic Law on the Sovereign Wealth Fund (SWF).
The consultation workshop brought together representatives from the Bank of Papua New Guinea (BPNG), Kumul Consolidated Holdings (KCH), Kumul Minerals Holdings Limited (KMHL), Kumul Petroleum Holdings Limited (KPHL), Internal Revenue Commission (IRC), Department of Treasury, First Legislative Council, Constitutional Law Reform Committee, Association of Superannuation Funds, PNG Reset@50 Unit and other relevant institutions.
The workshop formed part of the Government's ongoing efforts to strengthen the legislative framework governing the Sovereign Wealth Fund and advance its operationalisation.
Participants were reviewing proposed amendments to the Organic Law and governance, accountability and operational arrangements necessary to ensure the Fund delivers its intended objectives of macroeconomic stabilization, responsible resource revenue management and intergenerational savings.
The consultations also provided an opportunity for stakeholders to consider international best practice and lessons from other sovereign wealth fund jurisdictions.
Among the participants was Her Excellency Anne Riise, Ambassador of Norway to Papua New Guinea, who shared insights from Norway's experience in managing one of the world's largest sovereign wealth funds. Discussions focused on governance standards, transparency, long-term investment strategies and the role sovereign wealth funds play in securing future prosperity.
The Sovereign Wealth Fund was established under the Organic Law on the Sovereign Wealth Fund 2015 following its passage by Parliament and the Fund was designed to ensure revenues generated from Papua New Guinea's mineral and petroleum resources contribute to long-term national development and economic stability.
Minister for Rural and Economic Development and Minister responsible for oversight of the Sovereign Wealth Fund, Hon. Joseph Lelang, MP, said the review process represents an important step towards making the Fund fully operational.
Speaking from Singapore, where he is currently undertaking his annual medical review, Mr. Lelang reaffirmed the Government's commitment to operationalising the Sovereign Wealth Fund before the next National General Election.
"I intend to see the Sovereign Wealth Fund operational before the next National General Election. Bringing further amendments to the Organic Law on the Sovereign Wealth Fund is necessary to ensure the framework is robust, practical and capable of delivering benefits for current and future generations of Papua New Guineans," Mr. Lelang said.
"The Sovereign Wealth Fund is an important national institution that will help safeguard our resource revenues, strengthen economic resilience and ensure that the benefits of our natural resources are shared with future generations."
Mr. Lelang is expected to return to Papua New Guinea this weekend.
The stakeholder consultations will continue as part of the review process aimed at strengthening the Organic Law and establishing an effective Sovereign Wealth Fund framework that reflects international best practice while addressing Papua New Guinea's development priorities.
