The treasury department in Papua New Guinea is committed to promoting accountability and transparency in the country’s financial system. Through various initiatives and programs, they aim to ensure that public funds are managed efficiently and effectively, and that there is a high level of integrity and responsibility in all financial transactions. This includes implementing rigorous financial reporting and auditing standards, promoting ethical behaviour and values, and engaging with stakeholders to ensure that their needs and concerns are addressed.
Under the stewardship of the Treasurer, the Hon. Ian Ling-Stuckey, the Independent Advisory Group (IAG) was tasked with reviewing the 2000 Central Banking Act and providing recommendations for changes to the government. The IAG’s 2021 Report highlights areas of success and significant problems in the Bank of Papua New Guinea, including a loophole in Section 55 of the CBA and the need for stronger board governance, and increased competition in the financial sector. The report emphasizes the importance of accountability and independence for the Bank of Papua New Guinea and provides 31 recommendations to promote transparency and reduce discretion.
You can read the Central Banking Act Independent Advisory Group Phase II Report.