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PNG Minister says more than US$300 mln of govt funds kept in secret accounts

PNG Minister says more than US$300 mln of govt funds kept in secret accounts
PNG Minister says more than US$300 mln of govt funds kept in secret accounts
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Papua New Guinea’s Finance Minister has revealed more than US$300 million is sitting in secret trust accounts without any government control.

James Marape says the funds are hidden in commercial bands by various state owned enterprises and agencies without the full knowledge of Treasury and the Finance Ministry, Post Courier reports.

He said the government was working towards removing so called ‘ghosts’ on payrolls and keeping a closer eye on agencies.

He has just launched a new Integrated Financial Management System which would scrutinise public funds on a real time basis under the new Public Monies Management Act.

Mr Marape said he hoped the crack down would led to greater financial transparency and he gave the example of the National Forestry Authority having more than 36 accounts sitting in three commercial banks throughout Papua New Guinea.

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