Treasurer meets with European Union

The National National
Treasurer Ian Ling-Stuckey (third from left) with head of European Union (EU) delegation to PNG Jernej Videtic (third from right) and other officials during the first meeting at Treasury Department last week. – Picture supplied

TREASURER Ian Ling-Stuckey in a meeting with the head of European Union (EU) delegation to PNG Jernej Videtic last week discussed development cooperation in relation to the union’s help to PNG.
PNG is party to the Cotonou Partnership Agreement which is the Development Cooperation Framework that the union operates within.
It is a treaty between the union and the African, Caribbean and Pacific Group of States.
Ling-Stuckey said funding arrangement under this framework was the European Development Fund (EDF).
He said PNG was currently implementing the 11th EDF (2014-2020).
The original funding envelope under the 11th EDF was Euro184 million (K699.7mil).
“This envelope was revised downwards to €154 million, during the mid-term review in 2016/2017,” Ling-Stuckey said.
“This was an opportune moment for the Treasurer to be briefed on the EU programmes in PNG and to discuss potential areas of engagement, especially in development cooperation, trade and investment, rural development, water and sanitation, good governance and policy reforms.”
Ling-Stuckey said much of the discussions was focused on the union’s help in the following areas:

  • Public finance management sector and how the Government could utilise the technical assistance modality in Treasury and Finance Department;
  • EU-PNG Business Council;
  • Foreign business investors;
  • Engagement with the union’s member states, and,
  • the need and importance of establishing the PNG National Trade Office.

Ling-Stuckey will seek to explore the PNG investment window – a modality where grant funding is used to mobilise additional investment monies.