Extractive industry efforts completed


EFFORTS by the PNG Extractive Industry Transparency Initiatives to promote transparency and accountability in the industry will complement the operation of the PNG Sovereign Wealth Fund, according to secretariat head Lucas Alkan.
A Sovereign Wealth Fund (SWF) is a State-owned investment in real and financial assets such as stocks, bonds, real estate and precious metals, or in alternative investments such as private equity fund or hedge funds. Sovereign wealth funds invest globally. The PNG Organic Law on the Sovereign Wealth Fund was approved by Parliament in July last year.  The Department of Treasury and the Bank of PNG are working on the final stage of its implementation, including the appointment of a board and the establishment of an office to manage the operation.
Alkan said the SWF was a global initiative that promoted accepted principles and practices based on the Santiago Principles.

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