ANZ: Playing Their Part in Closing the Inequality Gap

PNG’s strong economic growth has not trickled down tothe ordinary people inthe remote villages.

Minister for Treasury, Don Polye, said this last night atthe launch of ANZ Banks goMoney product in Port Moresby.

 He said a key factor in any developing economy was providingthe environment and tools to encouragethe involvement of as many people as possible inthe formal economy.


Minister Polye joinedthe management and staff of ANZ Bank and guests fromthe finance and banking sector as well as ther stakeholders for the launch ofthe ANZ goMoney product.


Polye’saidthe expansion ofthe mobile phone network has opened up opportunities and markets, and that every new step that makes it easier for people, particularly those in remote areas to accessthe banking system, is a step inthe right direction.


He went on to talk aboutthe Chinese andIndian economies, where despitetheir growth,the benefits have not been shared equally acrosstheir populations. He sain PNG was no differentowhere strong economic growth did not necessarily mean strong development acrossthe country.


Polye explained that because of this,the O’Neill-Dion government framedthe Budget to empowerthe people and reducethe inequality gap through inclusive & sustainable growth. These are inthe areas of:Increased Allocations to Sub-national level,Increasethe Tenders Beard Threshold, Supportthe SME’s, Good Governance, and finally Microfinance Expansion Program & openingthe Centre for excellence in Financia lInclusion.


The launch ofthe ANZ goMoney was marked with fireworks atthe Lamana Gold Club and a demonstration of a transaction. GoMoney will be available for use by Mondaythe 24th of June.

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