Governance under review

THE focus of the Central Banking Act review is on governance reforms, says Treasurer Ian Lin-Stuckey.
He was commenting on a report prepared by the Independent Advisory Group (IAG) on how to strengthen the Bank of PNG.
The IAG members are Robert Igara, Sir Wilson Kamit and Prof Stephen Howes.
“I agree strongly with the view by the IAG that reforms are now needed, and could have the same transformational impact as the initial reforms 20 years ago,” he said.
“The immediate focus will be on governance reforms.
“PNG has been left behind by almost all other countries.
“I thank members also of the secretariat supporting the review, including the detailed comments from the International Monetary Fund. I thank also all the financial institutions and business organisations that have also participated in the review.”
He said PNG was one of only four countries in the world which focused all power over monetary policy in one person.