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Papua New Guinea's Ministry of Finance is the department responsible for the "protection of public money" in Papua New Guinea (PNG). The ministry aims to improve "the transparency and accountability of the accounting and financial reporting and their frameworks" in the country. [1]
The National Superannuation Fund (NASFUND) of Papua New Guinea (PNG) was established in May 2002, as the successor entity to the National Provident Fund (NPF). It is the largest private sector superannuation fund in PNG. [1] In 2016, NASFUND reported net assets of PGK4.22 billion, representing a 28% growth on 2015. [2]
All executive power in the government is vested in the National Executive Council, which comprises all Ministers of the Crown. Unlike Australia, whose has a two-tier level of government between the Cabinet for political decision and the Federal Executive Council for purely formal decisions, the NEC is patterned along the precedent of the former as it makes policy decisions.
The 47th president announced Sunday night he was instructing the Department of Treasury to stop making new pennies because the cost of minting the 1-cent coin is too high.
The economy of Papua New Guinea (PNG) is largely underdeveloped with the vast majority of the population living below the poverty line. [20] However, according to the Asian Development Bank its GDP is expected to grow 3.4% in 2022 and 4.6% in 2023. [ 21 ]
As of May 2023, the trust funds held about $2.83 trillion in U.S. Treasury securities. When the trust fund invests in these government bonds, the money goes into the general fund of the U.S ...
Hon. Ian Ling-Stuckey (born 27 December 1959) is a Papua New Guinean politician and Member of Parliament for the Kavieng District.He served as a member of the National Alliance Party until joining the Pangu Party and the Marape Government as Treasurer in 2019.
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