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Financial Services Sector Review

Project

Public Notices / 21 September 2024

Financial Services Sector Review

                                              

Financial Services Sector Review Project Request For Submissions

The Government of PNG identified the need for a Financial Services Sector Review (FSSR) in order to develop a coordinated Financial Sector Development Strategy (FSDS) that can guide the further development of the financial services sector in support of broader economic and development goals, to promote inclusive growth. The FSDS will contain a sequence of prioritized and time-bound, reforms, and an action plan for implementation. The FSDS is expected to be aligned to and be consistent with the Government’s Vision 2050, the Development Strategic Plan 2010-2030, and the Medium Term Development Plan 2011-2015. The review is being undertaken by a Technical Working Group (TWG) comprising staff from the Department of Treasury and the Bank of PNG with technical support from World Bank Consultants.

The overall objective of the FSDS is to facilitate and guide the evolution and development of the financial services sector, in support of broader economic and development objectives, and to establish a legal framework to support the strategy. The FSDS will highlight necessary and important financial sector reforms which are needed to support the overall economic growth and development strategy for PNG.

The TWG has now completed phase1 of the FSSR which involved synthesizing and distilling the analysis and recommendations from previous reports and projects that have been undertaken to come up with diagnostic technical reports to be used for drafting of the FSDS in phase 2 of the project. Diagnostic Technical Reports have been completed focusing on:

  • National Payment System Development;
  •  Government Bond and Capital Market Development;
  •  Financial Inclusion Assessment; and
  • Financial Sector Regulatory Architecture.

As part of the initial stakeholder engagement process the TWG invites individuals and institutions to provide submissions regarding any important financial sector reforms they consider are not currently being addressed and to identify any reforms which they believe should be made to the financial sector to support the overall economic growth and development strategy for PNG.

For further information and to obtain copies of the diagnostic technical reports contact Augustine Birie on telephone number 3227532 or email: abirie@bankpng.gov.pg. Any submissions on issues outlined in the reports should be sent to FSSR Technical Working Group, C/- PO Box 121 Port Moresby, National Capital District.

Authorised by: Loi Bakani, CMG                                                     Dairi Vele
                                Governor, Bank of PNG                                 Secretary, Department of Treasury