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Port Moresby
July 24, 2021
Business News

PNG Needs Sovereign Wealth Fund

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by Stanley Ove Jr – EM TV, Port Moresby

The Sovereign Wealth Fund (SWF) can be simply described as extra funds from the National Budget or major investment projects in the country that can be kept aside to accumulate and sustain its future.

The research has revealed that Papua New Guinea is the tenth country in the world that is most dependent on non-renewable resources, which is leaving behind an uncertain future.

However this research presents Papua New Guinea the opportunity to secure its future.

National Research Institute Director, Dr Thomas Webster said the SWF will coordinate all economics policies in the country, and reduce the country’s resource dependency.

Meanwhile senior researcher, Dr Osborne Sanida said revenues from past extraction of Papua New Guinea’ natural resources have failed to impact Papua New Guinea however, the SWF will have an impact on the economic stability of the country.

The current status of the SWF in PNG is unclear. The National Research Institute is calling on all stakeholders and the Government to contribute to the SWF discussion in a properly structured and managed manner.  

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