NEC endorses establishment of PNG Sovereign Wealth Fund under Organic Law

The National Executive Council recently endorsed the establishment of the Papua New Guinea Sovereign Wealth Fund (PNG SWF) under the Organic Law.
Prime Minister Peter O'Neill said Cabinet has endorsed the establishment of the fund under the Organic Law and approved a Certificate of Compliance issued by the First Legislative Counsel.
In support of the PNG SWF, O'Neill said Cabinet had taken note of the First Legislative Counsel's draft bill for the establishment the fund under the Organic Law.
He said NEC would advise the Governor General to recommend to Parliament that the bill be accepted and had directed the First Legislative Counsel to;
a)    Prepare an instrument for the Governor General to sign that recommends to Parliament that the Organic Law on SWF Bill 2014 establishment be accepted;
b)    Prepare and publish the instrument of gazettal for the bill and;
c)    Carry out any other processes to allow the bill to be tabled in Parliament.
"NEC also directed SWF Secretaries Committee to report back to Cabinet, through Ministerial Committee on Economic Sector (MCES), with updated action plan to operationalize the SWF,"  O'Neill said.
He added that Cabinet also approved the engagement of an external law firm by Department of Treasury to assist the SWF Secretaries Committee prepare secondary legislation, consequential amendment to existing legislation's and regulations' and procedures necessary to operationalise the SWF.