PRIME Minister James Marape has confirmed the appointment of Elizabeth Genia as the new Acting Governor of the Bank of Papua New Guinea.
He announced this in a statement today.
PM said Cabinet has appointed Mrs Genia, the “most senior” officer at the Central Bank, to the post after Mr Benny Popoitai’s stint had come to the end, with no law allowing for an extension over six months of acting appointment.
“This is the first time a female has been given this role as the head of the Central Bank,” said PM Marape.
“Mrs Genia has been with the Bank for more than 35 years, serving at the senior level, and very recently, as the Assistant Governor. It is a timely appointment based on merit and has nothing to do with Mr Popoitai’s competence.”
“Mr Popoitai is a very experienced central banker who was called to step into the role but the due process of making permanent appointments hasn’t been concluded as yet.
Mr Popoitai has served for more than six months as acting governor and the law does not allow for acting governor to go beyond six months.”
PM Marape said Cabinet has also directed that the process of making permanent appointments be progressed and completed as soon as possible so these appointments can be made without any more delay.
The Prime Minister said the Government was looking forward to working with Mrs Genia to progress the work put in place by the former Acting Governor.
“Whatever work the previous Acting Governor has started, including the work of taking stock of the Puma issue: those work will continue,” PM Marape said.
“The National Government looks forward to working with Central Bank to make sure we continue to entrench its independence and strengthen it so the Central Bank can support the Government’s official policy to ensure our economy is given support in these tough times as we go forward.
“I know there are many issues around the Forex matter; we are asking the new Acting Governor to look at the Forex issue – the market must be liberated and our business community assisted.”
“Genia’s appointment is timely. She is being given the opportunity to make sure that the good work of the Central Bank continues, and more importantly, Central Bank becomes a player in the economy.
We have absolute faith in her and few other assistant governors who have their names proposed to us. However, she emerges as the most senior,” PM said.
“Unfortunately, there is no permanent deputy governor for us to pick from so we had to go below the level of deputy governors to assistant governors.
I give assurance to our country for these issues to be tidied up. Cabinet has instructed for a permanent governor and permanent deputy to be appointed at the earliest,” PM Marape said.
