Renewed calls have been made for more public discussions and debate on the proposed Sovereign Wealth Fund.
The calls come from National Research Institute Director, Doctor Thomas Webster, and the Public Finance Researchers at the institute.
A seminar on the Sovereign Wealth Fund’s formulation, establishment and discussion was held yesterday, facilitated by lead researcher, David Osborne, aimed at generating more public discussion on the SWF formulation.
At the seminar, the lead researcher said PNG’s economy is very dependent on non-renewable resources, which he described as unhealthy.
In regards to the Sovereign Wealth Fund, he said the public still needs to know about the latest changes to the first and the second legislations.
It is understood that the first legislation was based on proper research, consultation and hard work, but was dismissed due to errors in its legislations.
However, the new legislation on SWF, which is likely to be tabled in parliament when it resumes, was claimed to be cheap, thus putting more emphasis on public discussion and debate on the matter.
The idea behind the creation of this fund, was to reserve money in foreign reserves, for economic stability, future funds and development.
However, how soon this Fund will be established, and its transparency and accountability, including its independence from political interference, are questions yet to be answered.
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