Team presents report on proposed financial strategy

By GEDION TIMOTHY
A TECHNICAL review team working on developing a financial strategy for the country made its first presentation in Port Moresby yesterday.
Consultant Bruce White outlined the presentation based on the overview of the proposed Financial Story Development Strategy.
The topics under discussion included capital market developments, payment system development, financial inclusion, regulatory arrangements and Financial Story Development Strategy implementation, and the governance part of it.
The workshops to be followed by others in Mt Hagen, Madang and Kokopo followed a preliminary work on World Bank diagnostic report in November 2015, consultation and workshops in July this year. The Government is of the view that the financial services sector has lagged behind developments in the national economy.
In September 2015, the Minister for Treasury Patrick Pruaitch launched the financial services sector review.
The review is led by the department assisted by the Bank of PNG and the World Bank.
After a series of consultations with stakeholders – service providers, users and the public – the technical working group began drafting a strategy for implementation.
The document called the Financial Sector Development Strategy will outline sequenced and time-bound reforms to address the financial services vulnerabilities in line with international best practice, fitting for Papua New Guinea conditions.