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+--- Thread: "a law to safe guard all proceeds from major resources" (/showthread.php?tid=109)
- freddiekingman - 12-20-2011
let's hope he's the right guy..
"PM O'Neill said, "PNG must not be run from a hotel room as it is not a family business.' He also said, 'My government will pass a law to safe guard all proceeds from major resources in PNG such as LNG, etc. Management of such proceeds will be reported not only to the Parliament but to the people of PNG as a whole. How? By publishing such reports in the media on 3 month basis. He also assured the people that Free Education policy will be extended to cover Grades 12 and even university students starting next year and beyond."
http://www.pngblogs.com/2011/12/law-change-to-force-pms-retire-at-72.html?spref=fb
- Bincbanker - 12-20-2011
Sovereign Wealth Fund will be a savior for PNG people. Now return the courtesy and tread carefully when it comes to the gas in the ground.
- Tree - 12-20-2011
I like this Freddie.
First the proposition, the law and then the enforcement.
This stance will play huge with PNG population, International investors and countries like AU and the Asians which are attempting to lower their financial support levels to PNG. O'Neill and the MPs aligned with him appear to be serious about quickly taking the necessary steps to improve their country.
- Petrovale - 12-20-2011
Good governance and good management go hand in hand. Good for all stakeholders. I'm sure IOC, also, likes the approach. It makes for long-term investors!
- admin - 12-20-2011
O'Neill is making a lot of sense. Transparency and accountability and predictability and rule of law are terribly important for attracting FDI. Education is terribly important for fostering an economy. Kudo's
- sltibbs - 12-21-2011
Research shows that the main difference between natural resources being a blessing or a curse is good governance. O'Neill and Company are setting the proper framework to ensure it is a blessing. If Somare was 10 years younger PNG would end up a very different country.
Best,
Sam
- admin - 12-22-2011
Yes Sam, difficult to get it right though. Even more difficult to stay the course. But the start is promising, he at least says all the right things. They should invest in education and infrastructure, stuff that has a rather large return, especially in a place like PNG. Did I read that free schooling was being extended to a certain age? Vaguely remember that. That's good. Good governance could transform this country within a decade. There won't be a lack of funds. The question is how wise they will spend it.
- dorr9352 - 12-22-2011
STP, I think it was through 12th grade that I remember seeing. Money well spent.