Managing the mineral boom in PNG

Managing the mineral boom in Papua New Guinea January 2, 2012 Article by Sir Mekere Morauta, Minister for State Enterprises For the East Asia Forum Navigating a small economy through the choppy waters of the global economy is never easy. But it is even harder when facing the peaks and troughs of resource booms and the unpredictable undercurrents of a complex polity. At independence in 1975, when I was Secretary for Finance, we created a mineral resources stabilisation fund (MRSF) to help this process and smooth out resource revenue flows from first the Bougainville copper mine, and later the Ok Tedi mine in Western Province. Initiallly, the fund worked well. The Bank of PNG invested the mine

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