PNG Sovereign Wealth Fund now law

3:35 pm on 31 July 2015

The Papua New Guinea Government has passed the Sovereign Wealth Fund bill after hold ups earlier in the week.

The bill aims to ensure a portion of the earnings from the resource projects are saved for future generations with a percentage going into a stabilisation fund, as a cushion against fluctuating world commodity prices.

On Wednesday the Speaker, Theo Zurenuoc, refused to let one MP, John Hickey, vote on the measure because he has been referred to a leadership tribunal.

The Government failed to muster the necessary two thirds of MPs to vote the bill through, but on Thursday it easily got the numbers, with just four MPs voting against it.