Polye new IMF, WB chairman

Business, Normal

The National, Wednesday October 16th, 2013

 TREASURER Don Pomb Polye was officially ratified as chairman for World Bank and International Monetary Fund last Sunday (Monday, local time) in Washington DC.

Prime Minister Peter O’Neill, who was in Israel, announced Polye’s appointment last month saying: “His elevation to chair the important financial institutions in the world was a vote of confidence in PNG and would raise its profile on the global scene.”

Expressing his gratitude to the finance minister’s and executives of Asia-Pacific constituency and the board of governors for the vote of confidence they had in PNG, Polye said the chairmanship was “a prestigious position and was honoured to take it”.

Luxembourg Finance Minister Luc Frieden, who was chairman, also congratulated his PNG counterpart on the appointment.

The chairman’s primary role is to preside over the annual meetings. 

However, most policy directions for the organisations come from their executive boards-comprising the president and 25 directors for the World Bank and the managing director and 24 directors for the IMF.

“The position seems an over-size pair of shoes for PNG but with the support of my Asia-Pacific brothers, I will do my best confidently to provide the global leadership as expected by the member countries to showcase PNG and the region as a whole to protect our interest in socio-economic developments and to realise our aspirations,” he said.

The secretaries for the bank and IMF briefed him on his responsibilities and have resumed the role of the chairman immediately after the meeting.