Sovereign Wealth Fund Bill Passed in #PNG

20 12 2011

By Dora Gawi of FM 100

The Constitutional amendment to the Sovereign Wealth Fund Bill was passed this afternoon in parliament with a majority vote of 73 to nil.

Prime Minister Peter O’Neil when presenting the bill for its first vote in Parliament this afternoon says the Bill allows for the establishment of the Sovereign Wealth Fund where monies from the resource boom in Papua New Guinea will be managed prudently with best practices, whether it be on shore or off-shore.

Prime Minister O’Neil says the Sovereign Wealth Fund will constitute a Stabilization fund as well as an Infrastructure fund.

The amendment see the future generation fund disposed off, as previously brought forward by the Somare-Abal regime when they were in Government.

Mr. O’Neil says this fund will ensure deposits and withdrawals are in line with laws of the country and are transparent, where an independent board will be set up to oversee the fund.

The vote today saw three members from the Somare regime member for Nipa-Kutubu Philemon Embel, Member for Kabum Bob Dadae and Member for Kerowagi Guma Wau turn up to vote in favor of the Bill as well.

The amendment and voting today was necessary as required by Constitution to see that it becomes operational.


Meanwhile the Women’s Reserve Seat Bill again failed to muster the numbers required for it to be passed. 




One response

21 12 2011
Awac ngandu

Well done O’Niel and team! Better off to keep the nations wealth in a SWF then to keep in some lousy scheme that will see some crooks siphon it off for their own benefit….


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