IMF to provide technical assistance to PNG


Tue 09 Jul 2013

Papua New Guinea
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PORT MORESBY, PNG ---The International Monetary Fund is providing technical assistance to PNG to establish the Sovereign Wealth Fund and the establishment of Kumul Holdings.

Technical officers from the office of the IMF paid a courtesy visit to the country and spoke with respective Government Ministers on how to go about the Sovereign Wealth Fund and what they require from the government to establish the fund.

IMF spokesman, Michael Pappaioannou said their visit is to get a general perspective from the Government and Ministers on how to go about establishing the fund.

“We have started discussions from Monday morning. Excellent cooperation as always with government authorities and we are grateful. We had a meeting with the implementation secretariat and met with the Minister of State Enterprises and others as well,”Pappaioannou said.

He said: “We are focusing on two issues; the government structure and the investment management of the Sovereign Wealth Fund.”

Pappaioannou said the report is going to give a general perspective of what their findings are. He said they will leave behind a report - what are the international practices - what is the bench mark basically.

“Based on our findings and what are the best practises, we are also going to provide some recommendations, advice, what we think that is profitable, based on the international experience as it needs also to be followed.

“The report that we would develop will focus on the frame work, as this is the organic law and all the developments that we have seen and the other three sections.

“The final one; governance structure, investment management and capacity building, what are needed in order to have an efficient implementation of what is there and also how we can operate SWF efficiently.

“Because we are looking at it from the perspective of having a self-sustained SWF eventually, offcourse there are stages, but this is what we would like also to target on, to focus on.

“From the discussions that we have had, we have a pretty good understanding on where we stand.

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