PNG Sovereign Wealth Fund?

PNG Sovereign Wealth Fund?

bushman
bushman

January 26th, 2011, 10:08 pm #1

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

February 5th, 2011, 11:39 am #2

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

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Last edited by DeFlash on February 5th, 2011, 12:42 pm, edited 1 time in total.
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ultra-nationalist
ultra-nationalist

February 5th, 2011, 7:51 pm #3

Thanks so much for responding to that, just curious!
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Joined: May 27th, 2005, 3:38 am

February 8th, 2011, 3:39 am #4

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

February 9th, 2011, 3:30 am #5

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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Joined: May 27th, 2005, 3:38 am

February 11th, 2011, 7:03 am #6

@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
kera

February 11th, 2011, 10:06 am #7

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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Colonel Thomas Forsythe-Jones (retired)
Colonel Thomas Forsythe-Jones (retired)

February 11th, 2011, 2:40 pm #8

@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

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
phishing

February 13th, 2011, 11:58 am #9

Colonel,

Phishing i see, may you retire peacefully.
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Gummy Bear
Gummy Bear

February 14th, 2011, 3:51 pm #10

@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

@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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