Treasurer: No reports from bank

Business

By DALE LUMA
TREASURER Ian Ling-Stuckey says Bank of PNG (BPNG) has not completed annual reports during his term as the minister responsible.
Ling-Stuckey said this was one of his concerns on the lack of performance by the Central Bank.
He was speaking during swearing-in ceremony of new BPNG board yesterday.
“Some of the expectations from my office going forward from the central bank and one of the concerns that I have had is the completion of annual reports as well as providing a statement for the bank to present to Parliament,” Ling-Stuckey said.
“In my three years as treasurer, I have not been able to table a statement on the central bank and that’s long overdue despite several requests for this as well as annual reports.
“There is also a greater need for transparency and accountability and especially coordination.”
He also said the working relationship between treasury and the central bank could be enhanced.
The new board members included David Toua, Richard Kuna, James Gore, Des Yaninen and Ulato Avei.
Ling-Stuckey added that the Government supported the independence of the central bank but also expected cooperation from it in developing and managing government policy.
“The trick there is to get the balance right, that’s the trick and the challenge for us,” he said.
“The Marape-Basil government fully supports an independent Bank of Papua New Guinea.
“One of the expectations of our Government, and certainly myself as treasurer, is that like most worldwide, we do expect that the central bank supports government policy.
“On the one hand, we support your (BPNG) position to be independent and to be autonomous.
“On the other end that does not preclude the requirement in our view that we also need to support the policies of the government of the day and cooperate.”
Ling-Stuckey said he looked forward to working with the new governor and board to get the balance right.