Post by Charles Abel:
I’m greatful that I’m able to continue in Cabinet as Finance Minister and will do my best to support the PM and the generational change we need.
Couple of suggestions I made to previous PM and current;
1. Create a Ministry for Statistics and elections – generation of timely accurate data, complete NID rollout, upcoming census, common roll, electronic voting (NSO and Civil Registry and support Electoral Commission)
2. Abolish SOE Ministry and return respective state companies to their line ministries. Continue the idea of partial privatisation on a case by case basis. Use BSP as a model.
3. Create a dedicated Ministry for Energy and Electrification (return PNG Power) and Telikom returns to Communication Ministry. (Electrification is so important and with KPH, SOE and Minister for Energy its confusing).
4. The restructure of KPH and establishment of proper Sovereign Wealth Fund, which I’ve commented on in a previous post.
The SOE, IPBC structure was created to facilitate privatisation. This has stalled and we have ended up creating another permanent, expensive organism. Also causes duplicity and inefficiency in policy implementation.
The other elements of the Kumul framework (KPH and KMH) were set up with good intentions but has created another unecessary cash trap. As per previous post – we are borrowing on the one hand to partially fund the budget whilst putting our biggest single revenue source (PNG LNG dividends of $2bn USD since 2014) into a parallel structure with its own investment program).
The new PM has begun a process to address these matters in his Cabinet structure.