SOVERIGN WEALTH FUND STAKEHOLDER CONSULTATIONS ADVANCE REVIEW OF ORGANIC LAW

KEY government agencies, state-owned entities, industry representatives and development partners convened in Port Moresby last week to participate in stakeholder consultations on the review of the Organic Law on the Sovereign Wealth Fund (SWF).

The consultation workshop brings together representatives from the Bank of Papua New Guinea (BPNG), Kumul Consolidated Holdings (KCH), Kumul Minerals Holdings Limited (KMHL), Kumul Petroleum Holdings Limited (KPHL), Internal Revenue Commission (IRC), Department of Treasury, First Legislative Council, Constitutional Law Reform Committee, Association of Superannuation Funds, PNG Reset@50 Unit and other relevant institutions.

The workshop forms part of the Government’s ongoing efforts to strengthen the legislative framework governing the Sovereign Wealth Fund and advance its operationalisation.

Participants are reviewing proposed amendments to the Organic Law and discussing governance, accountability and operational arrangements necessary to ensure the Fund delivers its intended objectives of macroeconomic stabilisation, responsible resource revenue management and intergenerational savings.

The consultations also provided an opportunity for stakeholders to consider international best practice and lessons from other sovereign wealth fund jurisdictions.

Among the participants was Her Excellency Anne Riise, Ambassador of Norway to Papua New Guinea, who shared insights from Norway’s experience in managing one of the world’s largest sovereign wealth funds. Discussions focused on governance standards, transparency, long-term investment strategies and the role sovereign wealth funds play in securing future prosperity.

The stakeholder consultations will continue as part of the review process aimed at strengthening the Organic Law and establishing an effective Sovereign Wealth Fund framework that reflects international best practice while addressing Papua New Guinea’s development priorities.

Minister for Rural and Economic Development and Minister responsible for oversight of the Sovereign Wealth Fund, Hon. Joseph Lelang, MP, said the review process represents an important step towards making the Fund fully operational.

The Sovereign Wealth Fund was established under the Organic Law on the Sovereign Wealth Fund 2015 following its passage by Parliament. The Fund was designed to ensure revenues generated from Papua New Guinea’s mineral and petroleum resources contribute to long-term national development and economic stability.