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January 19, 2021
News

Sovereign Wealth Fund Ready To Be Tabled

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

Treasury Minister, Patrick Pruaitch, said the legislations are ready and will be tabled in Parliament next week Tuesday when parliament resumes.

 

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

 

The Sovereign Wealth Fund was adapted at the end of 2011 as 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 this fund is to put money aside, earned from the LNG and other revenue generating projects, in a foreign reserve, so that it is not squandered by those in power.

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