Parliament passes IPBC bill

PARLIAMENT yesterday passed the Amendment Bill on the Independent Public Business Corporation Act of PNG 2002.
Minister for Public Enterprise, Information and Development Corporation Arthur Somare said yesterday that the bill would enable the restructuring of the Independent Public Business Corporation.
Mr Somare said the restructuring would institute stronger governance, best practice and commercial accountabilities and mechanisms in IPBC to raise the value of its assets and investments for the benefit of the State and the people.
Mr Somare said apart from the provision of public service and infrastructure such as banking, power, water and telecommunications, ports and air transport through State-owned enterprises, the Government had shareholdings in a variety of local companies and projects in sectors such as agriculture, mining, oil, gas and forestry.
Mr Somare said the structure of entities and ownership and Government arrangements had changed over time, yet the delivery of key public services had been poor.
He said the new law would enable the improvement of commercial viability of State assets and investments and wold ensure cost effective service delivery.
The Bill went through its third reading and was passed by voices.

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