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In 2010, the NEC agreed to a joint submission
from the Treasury/BPNG Joint Working Group and the Department of
Enterprises on the proposed establishment of Sovereign Wealth
Fund (SWF) for the future management of revenues expected from
the LNG and other mineral and petroleum projects. This was
outlined in Chapter 12 of the 2011 Budget Volume 1
document.
The PNG SWF is made up of two funds: the Stabilization Fund and the
Development Fund. There will be a single
governance framework for the PNG SWF which manages these two
funds. The PNG SWF will be onshore managed, offshore invested
and onshore spent and it will be fully integrated with the
budget and fiscal framework
The Purpose and Objective of the PNG SWF
The overall objective of the PNG SWF is:
- to support macroeconomic
stabilization;
- to support the development
objectives of the Government including long-term economic
and social development; and
- to support asset management in
relation to financial assets accrued from natural resource
revenue.
SOVEREIGN WEALTH FUND FOR ALL PAPUA NEW GUINEANS
To protect the economy and future development of PNG by safeguarding
public mining and resource revenues for future spending
JOINT PRESS RELEASE
Gazettal of the Organic Law on the Sovereign Wealth Fund
NATIONAL GAZETTE - SOVEREIGN WEALTH FUND ORGANIC LAW
November 2nd, 2011
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