O’Neill: It’s a milestone achievement

 PRIME Minister Peter O’Neill is beaming after Parliament voted 82-0 in support of the enactment of the Organic Law on Sovereign Wealth Fund.

O’Neill, Treasurer Patrick Pruaitch, and Finance Minister James Marape were grinning from ear-to-ear after Parliament, including the Opposition MPs, voted in favour of its enactment after the second reading and debate yesterday.

It is expected to become law in at least two months’ time, upon the third reading, which is the second opportunity for debate and vote.

“It’s a milestone achievement for the country,” O’Neill told The National.

“This will pave the way for future management of our resource earnings. I thank Treasury and their team for an excellent job.

“Despite criticisms by the Leader of the Opposition of some consultation processes, it’s important that we engage with every person that is a stakeholder in this process.”

Pruaitch said the draft bill had gone through a number of changes.

“We’re very comfortable with the legislation as it is,” he told The National.

“We’re looking forward to making sure that that particular bill is put into operation.”