State to review financial service sector

THE Government is in the process of reviewing the financial service sector through a series of workshops to get the views of key stakeholders.
The financial services sector review is an initiative of the Government to improve the financial services and promote inclusive growth.
The review will be done by a review team that includes staff from Bank of Papua New Guinea and Department of Treasury with technical support from the World Bank.
The first review workshop began in Port Moresby last Friday.
There will be several other workshops held in Alotau, Lae, Madang, Kokopo, Bougainville and Goroka.
“This is a beginning of a series of workshop that will be run around the county in four different regions,” Acting first assistant secretary for the Treasury Department Roddie Wada said.
“There is a structure to this review process where there is a technical team that comprises BPNG and Treasury.”
The team has completed phase one of the review involving analysing the works from previous reports and projects on the financial service sector.
This analysis highlighted four areas in the sector that require reform; the national payment system development, Government bond and capital market, financial inclusion and financial sector regulatory framework.
These four areas would be discussed at the workshops.
The input from stakeholders will be used to draft the financial sector development strategy that will be submitted to the Government for approval.
Workshop facilitator Bruce White said: “The review team is working towards the preparation of the financial sector development strategy.
“We are looking for input towards the document which have that clear plan for the implementation of projects and programmes to develop the financial sector.”
The review team plans to use previous recommendations and reports and are at a stage to carry out the implementation of this proposed reforms.