SWF public hearings to start

 By SHIRLEY MAULUDU 

THE Public Parliamentary Committee (PPC) will begin public hearings on the Sovereign Wealth Fund (SWF) with first hearing to be held today 

The Constitutional Law, Acts and Subordinate Legislations Parliamentary Committee (committee) is inquiring into Organic Law on Sovereign Wealth Fund.

The law bill seeks to:

• Implement Section 212A of the Constitution and to repeal and replace the current Organic Law on Sovereign Wealth Fund which was enacted in 2012 but not brought into operation; and,
• Establish the Sovereign Wealth Fund.

According to a paid advertisement, Department of Prime Minister and National Executive Council (NEC), Office of First Legislative Council and Treasury Department will give oral briefings to the committee.

That will be followed by oral submissions on the Bill, one to be held in Port Moresby and the other in Lae, in two weeks’ time.

The SWF had gone through the  first and second reading in previous parliament sitting, with the third expected to be made in May sitting.  

“In February, the first and second reading was done and we expect the third reading to be done in May session of Parliament,” Bank of 

PNG Governor Loi Bakani told a breakfast meeting in Port Moresby yesterday. 

“There is ongoing work now in terms of some amendments to Organic Law on Sovereign Wealth Fund. 

“The public parliamentary committee has taken charge of those amendments. They are seeking public hearing, starting tomorrow (today).

“And the Committee Secretary (Constitutional Laws, Acts & Subordinate Legislations Committee) that is making those amendments, we’ll be meeting them and will be making presentation to the NEC, who will then present those recommendations on the amendments to the PPC and they (PPC) will present that to parliament in May.”