Govt takes control of accounts of state agencies

THE Government has taken control of the accounts of all its agencies, says Finance Minister James Marape.
He confirmed that yesterday when asked by Western Governor Taboi Awi Yoto if the Government had taken over the K40 million in timber royalties held in trust by the PNG National Forest Authority.
He said it was also happening at the National Fisheries Authority.
Marape said there was so much money sitting in “thousands of accounts” belonging to State-owned enterprises and statutory bodies.
“For instance, we have in the National Forest Authority, over 36 accounts in three commercial banks right across the country,” he said.
“We feel as part of the Public Money Management Act and policies that are congruent to it, that Treasury and the Government must have visibility on what these funds are for, why it is kept in these hundreds of accounts.
Marape assured Yoto and landowners that “no money that is meant for royalty in this instance will be taken or used by the Government”.
“It’s just to ensure that we know exactly, and take stock of all accounts we have.”