Provincial government funds at banks incurring fees

The New Ireland Provincial Government is concerned its funds kept at trust account at the Bank South Pacific are only incurring fees and not earning interests.

A policy  paper to however  invest in Treasury Bills at the Bank of Papua New Guinea has been presented to the provincial executive council when it met on Tuesday.

Furthermore the intent of the investment is to create more revenue through interest which can be used to fund more impact projects in the province from our own internal funds,” said Governor Sir Julius Chan in a statement.

 

A breakdown of the investment math was also fully explained in the policy  paper, with a guarantee that there will not be any investment risks because NIPG will be dealing directly with BPNG instead of through stock brokers or financial institutions.

 


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