|Don Polye. Getty Images|
Treasurer Polye was selected to be the Chairman in 2014 by fellow governors, who are finance ministers of member countries.
The Prime Minister said Polye’s elevation to chair the important financial institutions is a vote of confidence in P-N-G, and would raise its profile on the global scene.
In a letter to Polye, the Prime Minister said, his selection was a recognition not only of Polye’s leadership and talent by his peers, but also of P-N-G’s increasing role as a major player in the region.
Treasurer Polye said the Chairmanship is a very prestigious position and he's honoured to take it up.
Mr Polye’s Chairmanship will be formally approved by the Board of Governors of the Fund and the Bank at its Annual General Meeting on October.
Executive Director for Asia Pacific Constituency Jong-Won Yoon said, he is delighted that a pacific island nation will hold this office in 2014.