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PNG Sovereign Wealth Fund?

January 27 2011 at 8:08 AM
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bushman  (no login)

Can someone in the know update us on that proposed PNG Sovereign Wealth Fund?

 
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me
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Re: PNG Sovereign Wealth Fund?

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February 5 2011, 9:39 PM 

http://www.treasury.gov.pg/ there is a discussion paper on the treasury website. Or you can chechttp://www.nri.org.pg/publications/recent_publications.htm there is a discussion paper by Peter Johnson of NRI.

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Links were broken so I had to fixed it(Illusion)

 
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ultra-nationalist
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Re: PNG Sovereign Wealth Fund?

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February 6 2011, 5:51 AM 

Thanks so much for responding to that, just curious!

 
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...mE
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Re: PNG Sovereign Wealth Fund?

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February 8 2011, 1:39 PM 

I find it strange that that less people are interested in development talks.

But PNG Sovereign Wealth Fund (SWF) is actually a re-creation of Mineral Resources Stabilization Fund (MSRF). MSRF was introduced in 1974. It holds proceeds from Panguna Copper Mine, Misima, Kutubu, Tolukuma and Ok Tedi.

MRSF did what it was intended to which is to stabilise the impact of mining revenues on budget and the effects of "dutch disease".

MRSF was introduced after Cocoa and Coffee Stabilization funds where introduced also for the same reasons.

While it worked out well initially, Government double dipping and even large dipping over the maximum requirements caused the demise of such funds. WSF will fall into the same catergory if we do not have a proper corperate governance in place for check and balance and management.

Personally, I do not think its a good idea to keep the swf off-shore. I think it should be in Papua New Guinea with good management to look after it.

Any thoughts?

...mE



 
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yes thats true
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another bernie maddoff

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February 9 2011, 1:30 PM 

why give PNG money to some bankers to manage and invest?? and we pay him a fortune?? what happens is when the market crashes and your fund looses millions of kina he just walks away and the people of PNG suffer..

Use the funds locally and manage them from here at least then if we have some one to shoot we can and also see the actual work of the funds instead of all these lawyers and bankers making money which is for PNG!!!

Nas fund has done well and has grown as they have invested in viable things within PNG there is no reason why the SWF can not do the same and change the lives of PNG and the infrastructure what use is making money when our roads and hospitals cant cater for the basic needs of the shareholders which is the PNG people...

Get rid of these clowns already see them all hanging around wanting to manage the fund they are all rejects and could not manage themselves

Keep the fund local so we all know what is happening to it as its of national interest we dont need Bernie maddoff of this world managing our resources put it back into PNG!!

 
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...mE
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Re: another bernie maddoff

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February 11 2011, 5:03 PM 

@yes thats true

Do you know what happens to all our gold that is mined here in PNG?
It is shipped to Canberra and locked away for safe keeping.

Look what happens in the economy now? When the credit-crises hits the US, our gold in Canberra put up a strong performance that you can now see the effect of those gold carrying the Australian economy. The exchange rate is nearly USD$1:AUS$1 whilst PNG economy is slipping against the dollars.

have we not surfered enough??


...mE



 
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kera
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Re: another bernie maddoff

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February 11 2011, 8:06 PM 

absolutely correct ...mE. People use their smart brains in running their countries while here we are not. We don't have enough smart people around. Yumi igat planti lain blo kaikai buai tasol na raunraun natin. I went to a government building in POM and noticed buai stain all over the walls and floors ... spitted out through the windows...WTF... this sounds insignificant but it reflects. All seem to expect a miracle to occur, well it's our culture... pointing fingers at the Prime Minister, the respective MPs and so on... We do have smart people around only nepotism/wantokism killing the good spirit of building a good nation.

 
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Thank you.

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February 12 2011, 12:40 AM 

Ah my friend,
don't think we aussies aren't grateful.

Shoring up our economy, is the least you guys could do, to repay us for the colonial days. We went to considerable effort and expense to bring civilization to you blokes. This is the least you could do for us.

Just look at our Missionaries. They went to the trouble to have several native wives. Thus raising a tribe of half-caste brats. Thereby, improving the species no end.

Well, toodle O' old chaps. keep the good work up.

Pip pip......Tommy.

 
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phishing
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Re: Thank you.

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February 13 2011, 9:58 PM 

Colonel,

Phishing i see, may you retire peacefully.

 
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kera
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Re: Thank you.

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February 15 2011, 10:05 AM 

No! The Colonel has a point I would rather take this as a challenge... no need to argue on this.

 
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Gummy Bear
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Why Patriotic?

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February 15 2011, 1:51 AM 

@mE
If you had a thousand gold bars, would you lock them up downtown? I would not for a variety of reasons I do not want to get into right now.

How can we make an investment work for us when our markets stand no chance against foreign markets?

Being patriotic will not make us money. We pay "clowns" to manage our money and they get paid for doing their job. If our money doesn't make an interest, they get paid less. If our money makes more money, they get paid more... hence the motivation to make our money (or the govts in this case) work more and more harder.

Ignorance is a sin.

 
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...mE
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Re: Why Patriotic?

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February 17 2011, 8:47 AM 

@ Gummy Bear,

You quite correct.
However, that is when common sense prevails.
We don't just put all our eggs in one basket do we?

That is when diversification comes into play. We send some overseas to held in trust funds so our foreign exchange and international currency can be supported whilst we have the others in PNG to support the local curreny and the economy.

...mE


 
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yes and the australians are jumping
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up and down cause we are looking north

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February 17 2011, 12:32 PM 

Yes and diversify we will....
The days of looking to the over priced colonies down south are over slowly we are looking elsewhere good on you PNG...

Fiji back lash to NZ has had a huge impact on NZ economy and slowly if the Pacific gets new partners instead of being narrow minded and fooled by our colonialist =competion and better prices and services for PNG...

Lets see what the next ten years brings I doubt we will park our funds and gold in Auss the return on investment is better else where...

Auss doesnt have a stock market any more they where bought out by asians sinagaporeans...
and HK, NY and london are regarded as the biggest in the world so its only logical we go North where we can keep our assets not south there is nothing there we are growing up and see there really is nothing for us down there its to expensive with little or no return...



 
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Gummy Bear
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Diversifying

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February 18 2011, 12:50 AM 

@mE
Your quite correct in diversifying funds but my greatest problem however is the lack of accountability from our politicians. It seems that nothing belonging to the government remains "untouched". If the money was elsewhere, wouldn't that be harder for them to get to than if it was parked in one of our local banks.

I agree that keeping some funds would help contribute to our economy but if the government (generally speaking) has a long history of double dipping into anything they can get their hands into than leaving funds in local banks will not have the desired effect we hope it can have.

@theotherpersonwiththelongname happy.gif
We do need to look to foreign markets who pay better. We can not only look to Australia or China (don't forget that we have been borrowing money, resources, and human capital from China) for help. There are other avenues available.


 
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...mE
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Re: Diversifying

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February 18 2011, 9:45 AM 

@ Gummy Bear

I believe we can create a company that could work out of political reach. It should be a merit base appointments without and requires 4/5 parliamentary approval for changes.

The best example would be Nasfund. While it do have it challenges in the initial stages, Nasfund has proved to be a great success under co-CEO Mitchell and Tarautia.

If we take Nasfund's lead and move in the same direction, I think we can make it work.

...mE


 
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Gummy Bear
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Insurance

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February 18 2011, 12:17 PM 

Quick Question:
@...mE
Who insures NASFUND?

 
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