transparency

Should PNG follow the Congo and publish all resource contracts online?

On 07 Jun, 2011 By rait man

The Bloomberg news service is reporting the Democratic Republic of Congo will make all resource contracts public within 60 days of signing (see below). 

Like PNG, the Congo has large mineral, oil and timber reserves and like PNG, a lack of transparency and corruption are two of the problems blighting the resource sector.

The initiative in the Congo could therefore provide an interesting example for PNG to follow.

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Central Bank governor sounds warning on trust funds and LNG impacts

On 06 Apr, 2011 By tok stret

The Central Bank governor has warned the government that its opaque management of trust funds could seriously undermine Papua New Guinea's economic future.

In his latest bi-annual statement [attached below] the governor, Loi Bakani, says the government has already reneged on a promise to open all new trust accounts at the Central Bank, and K103 million from the K592 million announced in the 2010 Supplementary Budget has not been deposited with the Bank.

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