Manila: The Asian Development Bank (ADB) has welcomed the publication of the Kumul Consolidated Holdings Authorisation (Amendment) Act 2021 in Papua New Guinea’s (PNG) National Gazette, a key step in efforts to reform governance, increase transparency, and improve the performance of the country’s state-owned enterprises (SOEs).
The act delivers several key reforms to aid the work of Kumul Consolidated Holdings (KCH), the holding company for PNG’s SOEs. These include providing a clear definition of ministerial, SOE board, and SOE management roles; revising KCH’s role to focus on SOE performance monitoring; improving SOE transparency requirements; and establishing a transparent, skills-based process for SOE director selection.
"SOEs provide critical public services and utilities to the people of Papua New Guinea," said ADB Pacific Liaison and Coordination Office Regional Director Lotte Schou-Zibell in a press release on Wednesday.
"That’s why ADB is working with the Government of PNG on these reforms, which will strengthen SOE performance and governance—making them more profitable and transparent, more likely to enable private investment, and better suited to the needs of the community," the ADB official stated.
The Government of PNG’s broader SOE reform program is supported in part by an ADB policy-based loan. The act was developed with support from the Pacific Private Sector Development Initiative (PSDI)—an ADB technical assistance program in partnership with the governments of Australia and New Zealand.
Established in 2006, PSDI works with ADB's 14 Pacific developing member countries to improve the enabling environment for business and support inclusive, private sector-led economic growth.
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