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January 20, 2021

Sovereign Wealth Fund Green Lighted

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Despite the many doubts that surround the creation of the Sovereign Wealth Fund, it is now ready to be tabled in parliament.

Treasury Minister Patrick Pruaitch said the legislation is ready and will be tabled in parliament next week Tuesday at parliament’s commencement.


Minister Pruaitch said since he came on board as Treasury Minister in the recent cabinet reshuffle, replacing Kandep MP Don Polye, he has pushed for the creation of the Sovereign Wealth Fund.


When asked about the latest stage of the SWF, this is what he said.


The Sovereign Wealth Fund was adopted at the end of 2011 as an organic law.


However, correct procedures were not followed, resulting in the delay of legislation.


Mr. Pruaitch said legislations are now ready and will be tabled in parliament in the next session.


The idea behind the creation of the Fund is to put money aside, earned from the LNG and other revenue generating projects, in a foreign reserve to stabilize the kina, along with future use.


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