Nasfund welcomes LNG project deal signing

By DALE LUMA
THE signing of the Papua LNG fiscal stability agreement is timely during a period of economic contraction and the Covid-19 uncertainty, according to the National Superannuation Fund (nasfund).
Chief executive officer Ian Tarutia told The National that many people had lost their jobs and the trend needed to change with the creation of jobs.
Tarutia said the fund had seen a 22 per cent increase in withdrawals from members’ savings last year.
“Nasfund welcomes the signing of the Papua LNG fiscal stability agreement,” he said.
“The occasion signals this long-awaited project to progress forward with clear milestone activities and dates.
“We can now plan with of confidence, new investment opportunities and membership growth. We also look forward to receiving positive news on Wafi-Golpu and Porgera in the not too distant future as well.
“This development is timely given the prolonged period of economic contraction our country has endured over three to four years and uncertainty brought on by the Covid-19 last year.
“We have members who have lost jobs, tapped into their super savings for sustenance.
“This trend needs to change.
“We need to create jobs.
“We need to build confidence back in the economy and maintain the perception that Papua New Guinea is still a safe investment destination.
“The signing ceremony is a step in the right direction.
“We commend the Government and all relevant stakeholders for bringing everything together so far.”