Papua New Guinea Minister for Public Enterprises (in the O’Neill faction) Sir Mekere Morauta says the real challenge for resource-rich PNG is “keeping sticky fingers out of the revenue pot.”
Writing for the East Asia Forum, Sir Mekere says he is pushing reforms and initiatives to this end, including establishment of a sovereign wealth fund (SWF) to stabilise possibly volatile revenue flows from mining and petroleum. Revenue from these sectors will be paid into a separate fund, managed independently and invested on the state’s behalf.
He writes that a model that splits government’s policy and funding functions from implementation functions would work well for PNG’s government. Sir Mekere also says the government is also looking at the concept of an independent infrastructure authority.