PUBLIC DEBATE ON AMENDED BANK LAW CONTINUES
Public debate on the Central Banking Amendment Act continues. Minister for Finance and Rural Development, Sir John Pundari said the recent amendments made to the Central Bank Act were long overdue and necessary on par with advancements in the banking industry around the world.
The National Parliament passed a total of 37 new Bills before closing off the year in December 2021, an unprecedented step in the right direction by the Marape led government.
Minister for Finance and Rural Development, Sir John Thomas Pundari has come out in support of Treasurer Hon. Ian Ling-Stuckey for tabling the Central Banking (Amendment) Act 2021.
“The Bill was passed unanimously by Parliament with strong support from the Opposition Leader Hon. Belden Namah,” said Pundari.
“The Government under Marape has promised change and we have done that with our Ministers stepping up to the plate.”
“PNG is a growing and contemporary society that must evolve with the changing times by improving existing laws or introducing new ones. That is our foremost duty to the nation and its people as MPs. We are legislators first,” stated Sir John.
“The economic situation has evolved rapidly over the last few years and the challenges faced today are different than from twenty years ago. We are not the same country twenty or thirty years ago, nor is the global economy the same. These reforms are prudent and very much necessary.”
Sir John rebutted a few people questioning the amendments, saying that many times calls have been made for improvements in the past yet nothing had been done. He said that the Marape Government is for once actually driving changes in legislation without cutting corners.
“This is the proper way to do things,” said Pundari.
“The amendments improve accountability and transparency; entrusting responsibility of the Central Bank to a Committee rather than a single person (Governor). Bringing more balance and confidence to our Monetary policy.”
Minister Pundari congratulated the new Board and said he had full confidence in it. Satisfied it had a good mix of energy and experience.
“They are each distinguished professionals with outstanding qualifications. I don’t think anyone will have any question on that. We must have faith in our own people,” said Sir John.
The Finance Minister also pointed out that the reform applies strict limits on the role of the Central Bank in financing Government.
“These changes are long overdue and will strengthen the independence and governance of the Central Bank. More importantly it will enable it to meet new challenges as they arise.”
“I commend the Treasurer for the Bill. We are preparing ourselves well and moving at our own pace as a nation to a modern and competitive society,” concluded Pundari.
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