Framework ready to set up wealth fund: Abel

Legislative framework is in place to establish the sovereign wealth fund (SWF), says Deputy Prime Minister and Treasurer Charles Abel.
He said the Government would appoint a board in the middle of this year.
Abel told the Petroleum and Energy Summit yesterday that properly managed resources, through the SWF, would enable a sustainable economy that would contribute to climate change mitigation and exports of food and energy surpluses.
He said the national strategy for responsible and sustainable development projected the country responding to climate change, pollution, overpopulation, food and energy insecurity.
Abel said population would be sustained through the responsible management of natural resources.
He said the ministerial determination this week in regards to landowner identification for the PNGLNG project was very important. “The community and landowners’ consultation is critical,” Abel said. “Sustainability and all that is underpinned by meaningful and timely engagements with our communities.
“It is clear that we are overly reliant on extractive industries in term of GDP revenue and export earnings.”
Abel said the latest estimate for gross domestic product was just over 0.3 per cent, with the regional forecast growth to be driven largely by the non-mining sectors.