Banks move to stop logging finance but gaps remain
Submitted by ACTNOW on Wed, 21/09/2022 - 06:33ACT NOW! and Jubilee Australia
ACT NOW! and Jubilee Australia
Thursday 15 September 2022
There are a lot of important issues for the new Forest Minister, Salio Waipo, to address, especially rampant illegal and unsustainable logging.
Payroll taxes and Goods and Services Tax (GST) make up a large proportion of the government revenue which is used to fund its Service Improvement Programs.
K10 million each year is paid to every District across the country and another K5 million per District goes to Provincial governments. Then there is a further K500,000 for every Local Level government.
Billions of Kina are distributed every year through the Service Improvement Program (SIP) and every Tax Payer in PNG has the right to know how their money is being spent.
Effective action against corruption is essential for economic growth and it should be the number one priority for the new Marape government.
Papua New Guinea’s tropical rainforests have enormous local, national and international importance but are under threat from a variety of sources including commercial logging.
The government has committed to drastically reduce the rate of commercial logging and increase financial returns from downstream processing by ending the export of unprocessed round logs by 2025, but a new research paper by ACT NOW shows there are serious questions over whether this target will be achieved.
PART B
Summary of Chapters, Conclusions and Recommendations
PART A
Executive Summary
1.1 This Commission of Inquiry was established under the Commissions of Inquiry Act 1951 by Instrument dated 30 August 2019 and, as amended in October 2021, it required a report to be delivered to the Prime Minister, the Honourable James Marape MP, by 31 March 2022. This is that Report.
Research and advocacy organisations Act Now! and Jubilee Australia Research Centre have welcomed a report that the bank accounts of 30 logging companies operating in Papua New Guinea (PNG) have been closed.
Source: ABC/PACNEWS
Tuvalu’s government has rescinded its support to explore deep sea mining in the country’s waters.
The government had sponsored mining firm Circular Metals Tuvalu last December to apply for an exploration permit with the International Seabed Authority.
But Foreign Minister Simon Kofe said the government has now reversed the sponsorship.