Parliament yesterday passed the Bill to establish the Sovereign Wealth Fund for Papua New Guinea unopposed.
The first vote on the Bill presented by Prime Minister Peter O’Neill was 80-0 while the second result was 78-0, surpassing the absolute majority vote of 73.
Prime Minister Peter O’Neill thanked Members of Parliament for passing the bill to establish the sovereign wealth fund.
“The establishment of the fund is very important for our nation’s development. The fund gives us the opportunity to protect and grow surplus wealth from the export of our mineral resources, and our oil and gas,” Mr O’Neill said.
“So much revenue has flowed to the government from Bougainville Copper mine, Ok Tedi, Misima Mine, and Porgera in the past. But if you look around you, what is there in the country to show for this massive wealth generated from these projects? Virtually nothing.
“We have squandered our wealth. Most of our infrastructure is in poor shape because we have failed to invest in areas that will grow the economy. We have to change those bad ways, and the sovereign wealth fund will help shape our development path to a better future for our children,” Mr O’Neill said.