By LYNETTE KIL
PRIME Minister James Marape says his Government is focusing on improving the nation’s wealth by setting up Sovereign Wealth Fund (SWF).
He made this intention known yesterday at the government house, during the swearing in of former opposition leader, Joseph Lelang as the Minister for Rural and Economic Development.
“It is a safe concept for the country going into the future, instead of just consuming today, we save for tomorrow,” PM Marape said.
He added that it has been the intention of the government since 2019 to set up Sovereign Wealth Fund.
“Through policy, we have already approved that seven (7) per cent of all earnings from our resource projects will be transferred into our SWF facility.
“That will be partnered with the central bank and Minister Lelgan will have full time responsibility over the set-up, structure oversight, and management of the Sovereign Nation World Fund.
“That is for national wealth sustainability going forward into the future,” PM Marape explained.
He said Savings and Loan Society is also playing a part in terms of saving measures at the micro level on how the growth of our economy is dispense.
The Prime Minister also address the growing concern in the rise in prices of goods and services which he directed ICCC (Independent Consumer Competition Corporation) to report directly to Minister Lelang.
“We looking to reform the law to allow a price controller, as there are many instances of inflation being pronounced.
“There has to be set prices in the retail shops during the point of purchasing of goods and services, sometimes they (retail shops) can be doing their own thing out there.
“This (ICCC) key sector in the economy could everyday have hands-on control so that price is managed and measured comparably with inflation that is pronounced,” PM Marape said.
Lelang said it SWF is something that he was working on and would revisit and consider Marape’s direction.
Meanwhile, PM Marape said the country is census ready and by 31 August, every human being in PNG would be counted, if everything turns out well.
“We have not done a fully pledged census since 2011, the last time qualified census done was in 2000.
“Minister for Administrative services Richard Masere and his team will call out a conference soon and will be making an announcement with the Theme ‘Be Counted’.”
