Polye clarifies amended treasury bill

National, Normal

The National, Wednesday July 24th, 2013

 TREASURY Minister Don Polye has refuted a report in The National stating the Treasury Amendment Bill empowers the minister to issue treasury bills without seeking Parliament’s approval.

Polye said the report was misleading, adding that the bill had withdrawn a clause in the legislation otherwise empowering him to issue treasury bills. 

It has given that power to Parliament to approve the issuance of treasury bills to uphold transparency and good governance. 

He said there had been abuses of that power, citing K300 million raised from Nasfund Ltd through the Kokopo Infrastructure bills which had been misused. 

He wants any balance of that money parked in trust funds to be forfeited to the State.

He was speaking to reporters on Sunday in Port Moresby.