MPs vote in favour of wealth fund bill

 By MALUM NALU

THE Sovereign Wealth Fund looks all set to go after Parliament voted 82-0 for its enactment.

It is expected to become law within at least two months after its third reading in Parliament.

It comes as Prime Minister Peter O’Neill said the first revenues for the LNG project were expected tomorrow – February 20.

“Because of that, we see some urgency in the establishment of this particular Sovereign Wealth Fund,” he said.

O’Neill represented the Organic Law on Sovereign Wealth Fund 2012 Bill saying it was well overdue and there was increasing pressure from all sectors for the fund to be in place.

The Opposition, after putting up strong debate through leader Don Polye and Kikori MP Mark Maipakai, voted in support of the bill.

“Since 2012, when we passed the Constitutional Law on the establishment of the Sovereign Wealth Fund, we need to put in an enabling law which will in turn make sure that the Sovereign Wealth Fund becomes operational,” O’Neill told Parliament. 

“Under the Sovereign Wealth Fund, we will establish two funds – the Futures Fund and the Stabilisation Fund.

“I know that our business community, our landowners, our people, are waiting to see the establishment of this fund.

“There is some cynicism out there, thinking that we are not committed to introducing this fund. But it has taken some time because of the level of consultation with the various stakeholders and with the various partners.”