Kaputin urges better knowledge on policies

Business, Normal

The National, Wednesday June 24th, 2015

 TERTIARY institutions have been urged to include course on resource development policies.

Former veteran politician Sir John Kaputin made the call during the 2015 PNG Update conference in Port Moresby last Friday.

He said people would better understand policies that govern resources and know how well they should manage the resources following the US$19 billion LNG project, which had prompted the need to establish the Sovereign Wealth Fund.  

“I put it to our people here that we should look into institutions, a particular course here at the university (University of Papua New Guinea), of resource development and Sovereign Wealth Fund,” he said.

Sir John suggested that PNG use the same SWF structure to that of Norway.

“If we are going to share the wealth of this nation, then I will suggest that we look into the Sovereign Wealth Fund in Norway. And in the Sovereign Wealth Fund, they will cater for their citizens in terms of their needs and so forth,” he said. 

Sir John warned that issues surrounding distribution of wealth from the projects had to be seriously sorted out well.

He made references to certain African countries that were still experiencing civil wars as a result of disagreements. 

“Conflict is still continuing in places like, for example, Ghana, Southern Sudan, Nigeria, all because of the sharing of income of oil and gas.”