Financial sector review needed

THE Government has identified the need for a financial services sector review to develop a coordinated financial sector development strategy, according to the Bank of Papua New Guinea.
It is expected to guide further development of the financial services sector in support of broader economic and development goals, to promote inclusive growth.
The central bank and the department of Treasury will be hosting a one-day workshop tomorrow on the financial sector review to develop a development strategy which will guide further development of the financial services sector, according to a statement.
The strategy will contain a sequence of prioritised and time-bound reforms, and an action plan for implementation.
It will be aligned to, and consistent with, Government’s Vision 2050, the development strategic plan 2010-2030, and medium term development plan 2011-2015.
The strategy will cover all elements of the financial services sector.
The review is being undertaken by a technical working group comprising staff from the Department of Treasury and BPNG with technical support from World Bank consultants.
As part of the stakeholder engagement process, the working group is arranging one-day workshops in the four regions to present the main recommendations of the reports.
It will also get the views of key stakeholders on key reforms needed in the short to medium terms, institutional arrangement and resource allocation before it is finalised and submitted to the Government.