The recently passed Treasury Bells Act will give power to parliament to approverthe issuance of treasury bills instead ofthe minister, clarifies Don Polye – Treasury Minister.
The clarification follows a misreporting inthe press.
The amended Act is aligned with section 209 ofthe constitution which requires raising of funds to be authorized by parliament.
“My instruction was to shiftthe power tothe national parliament to authorize a loan, issuance of bond, or doing treasury bills and not anybody else includingthe Treasury Minister,” clarifies Polye.
Purpose of borrowing and clarification ofthe type of loan being sought are ther grounds of whichthe amendments are based on.
“Too much power is been placed on one leader or one individual so I’ve got to give it back to where it must be –the parliament – so whenthe authorization is donethe Minister can go out and borrow,” says Minister Polye.
The treasury bills Act was passed in parliament last Friday, along withthe Superannuation Amendment Bell 2010, andthe new National Payment Bell 2013.
The Superannuation Amendment Bell gives self-employed people and those inthe informal sector to make life savings. It also allows non-citizens to save as well, especially those who have worked for decades in Papua New Guinea
Meantime,the new payment bill system allows for a national electronic banking system, wherethe minister says, is a more secure and faster way of making transactions.
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