PNG PM Marape to make first deposit into Sovereign Wealth Fund

 

The Papua New Guinea Prime Minister James Marape said his Government will make the first deposit into the country’s sovereign wealth fund. 

The first slice of investment to the country’s future fund will be sliced from the K80 Million dividend payment from Kumul Consolidated Holdings. 

Article and photo by  Charles Yapumi: NBC News

This is the first investment funding since the passage of the Sovereign Wealth Fund Act by Parliament a year ago.  

Despite legislation passed by Parliament in 2015 to establish a sovereign wealth fund, the framework of the future fund is yet to be set up. 

But the Marape Government has now taken the first step, to invest funds for the future generation, as stated by Prime Minister James Marape. 

The current government has made a decision to invest 7% percent of all dividends paid to the State, into the sovereign wealth fund. 

State Enterprise Minister William Duma says 7% of the K80 million combined dividend from all State-Owned Companies will be the first money deposited into the country’s Sovereign Wealth Fund. 

NBC News/One PNG News

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