Government has progressed withthe establishment ofthe sovereign wealth fund andthe Kumul Holdings limited.
Minister for Treasury Don Polye met with consultants fromtheInternational Monetary Fund to discuss some ofthe best practicePNG can adapt underthese two funds.
These funds were proposed by Prime Minister Peter O’Neill.
The sovereign wealth fund is a state-owned investment fund composed of financial assets such as stocks, bonds, property, precious metals, or ther financial instruments.
Mr. Polye welcomedthe IMF team on behalf of government. They discussed various ways on how to manage this fund.
They also discussed aboutthe Kumul Holdings Limited.
These funds were proposed to safeguard monies derived fromthe resources sector in particular.