Royalties in line for payment

By GYNNIE KERO
Royalties for resource owners in the logging sector will soon be remitted to the respective agency for disbursement, Finance Minister James Marape says.
Marape said the funds were presently being kept safe pending an assessment to be completed before they could be disbursed to the rightful landowners and provincial governments.
He was responding to Gulf Governor Chris Haiveta in Parliament yesterday who asked whether resource owners would receive their revenue from log exports.
It is understood that this stemmed from the Public Money Management Regularisation Act (PMMRA) 2017 when it came into effect on April 6.
The law allowed the Finance Department to freeze the bank accounts of all statutory bodies and sweep all their money into the department.
According to PNG Forest Industries Association executive officer Bob Tate earlier, the law had restricted PNG Forestry Authority’s ability to fulfil its obligations towards landowners and other industry participants.
Marape said: “No funds for landowners will be touched but will be remitted back to agencies in two weeks.
“Action will be taken for funds to be disbursed back to forestry for disbursement to rightful landowners.”
Marape also said they were working with other agencies like National Fisheries Authority, whose funds were swept into consolidated revenue.
He said they would ensure necessary funding was allocated to keep them operational.