PORT VILA: Papua New Guinea has best policy guidelines for socio-economic development in the Pacific, a conference was told in Port Vila, Vanuatu.
The chairman for World Bank Group and the International Monetary Fund board of governors Don Pomb Polye is keen on formulating similar policies on Global Risk Mitigation centre, Climate Impact Security facility and Global infrastructure Fund for the region.
He wants the fragile economies to insure themselves against natural disaster, saying their budget alone cannot be able to cater for recovering devastations.
Polye has encouraged business and trade partnerships within the region to ensure business and financial sector grows and strengthens to found a resilient economic prosperity.
He challenged both advanced and fragile economies to uphold the principles of fiscal discipline because without which their economy becomes vulnerable to depression.
“When one economy ‘sneezes,’ everyone gets ‘cough.’ Therefore, we are integrated through trade and business so we must observe the role of fiscal discipline for economic prosperity,” he said.
He added PNG was an emerging economy in the Asia-Pacific, citing that growth was driven by its Fiscal Responsibility Act, Debt Management Act, Medium Term Fiscal Policy and political stability.
They commended PNG for its progress in Extractive Industry Transparency Initiative and the Sovereign Wealth Fund among others.
Congratulating him, Deputy Managing Director for IMF Min zhu challenged Polye to fully represent the small Pacific Island nations in the two prestigious financial institutions.
He was satisfied with the outcome of the meeting where he learned many good lessons which can add value for PNG to help unlock its growth potential.
Hon. Don Pomb Polye, CMG, BE (Civil), MBA, MEIPNG (Reg), MP
Minister for Treasury and chairman for WB/IMF board of governors
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