PNG SWF to start flowing in 2017
“Mr. Speaker, I am pleased to confirm that revenue will start to flow to PNG’s Sovereign Wealth Fund in the first quarter of next year. In 2016, revenues flowing into the Stabilization Fund will be drawn down into the Budget to fund key priority policy areas.
This landmark legislation was passed in July. I thank all members for their bipartisan support of the PNG Sovereign Wealth Fund.
Designed as a long-term investment vehicle, the Sovereign Wealth Fund will serve PNG for decades to come, reducing PNG’s vulnerability to external shoc
ks, such as the current fall in commodity prices.
The Sovereign Wealth Fund has been designed to provide the highest standards of accountability and good governance.
Funding has been allocated in 2016 for appointment of an experienced and well-qualified Board and a SWF Secretariat. In 2016, the Government will issue the Board with its investment mandate and Government expectations on management of funds.” – Hon. Patrick Pruaitch – Treasury Minister