to conduct an independent external academic audit of your activities and programmes. i was humbled to learn that dwu was the first university in the country to voluntarily go through the independent external academic audit in recognition of education as a public good, the many challenges faced in png and the need to demonstrate a system of accountability and learning culture for our education institutions. such initiatives aimed at improving academic performance and status are very worthwhile investment and truly reflect the genuineness of the dwu council, academic board and development partners. if the audit recommendations are implemented successfully, which i am sure they will through your 10 year action plan, this will mean quality programs / courses offered which will further increase stakeholders 1 / 3 bis - central bankers'speeches and general public confidence for the dwu in producing quality graduates to assist in the delivery of social, economic, cultural and political development of our country. dwu's drive towards tqa is highly commendable. one has only to read the daily newspapers, listen to the radio or watch the television to see the serious problems we have in our society today a€ “ some worth mentioning are corruption, crime, unemployment, poor socio - economic indicators and social disharmony. we have generated high economic growth for over a decade now but still struggle to ensure we all live together in peace and happiness. the efforts by dwu is consistent and complements the government's 2050 vision strategic plan which sets out human capital development as one of its priority pillars, in fact at the top of the list. an article in the post courier on 29 april 2013 ( this week monday ) reported the government's focus on higher education, with funding between k40m and k50m on higher education reforms over the next five years to meet global quality standards. there will be amendments to the office of higher education ( ohe ) act to make ohe the regulator to oversee the operations of the universities and higher learning institutions. i am pleased to note that the initiatives taken by the dwu will place it well ahead of its peers and the reforms about to take place in the higher education system of our country. we at the bank are also constantly looking at ways to up skill our human resources and improve our work processes and engaging professionals and independent persons / firms to review our work process as part of the ongoing quality assurance program. institutions and firms that have quality assurance program built into their work processes will no doubt benefit from the investment and stay ahead of the pack. regarding initiatives

loi m bakani : challenges and developments for a sound and stable financial system in the pacific region opening remarks by mr loi m bakani, governor of the bank of papua new guinea, at the annual meeting of the association of financial supervisors of pacific countries ( afspc ), port moresby, 22 – 26 september 2014. * * * acknowledgements mr. gilbert wongsin – chairman, afspc ( chief manager, central bank samoa ) mr. pierre seguin – pftac advisor mr. chris gaskell – head, international relations, apra colleague regulators and central bankers introduction good morning. let me take this opportunity to extend to you and especially our foreign guests a very warm welcome to port moresby. i am informed that apart from participants from the pacific island countries, and our friend from apra, the resource person who will be joining us later during the week has come all the way from the us. i welcome you all and hope that you all had a good rest last night ready to begin the week - long program. i encourage you to use this opportunity for meaningful and fruitful discussions during the two - day meeting, and share with others your experiences and challenges in the 3 - day workshop. there is a need to look towards establishing a strategy going forward in our efforts to make our regions ’ financial system sound and stable. the theme for the 3 - day workshop “ managing a banking supervision department ” is expected to provide you added knowledge on how you can effectively manage with the limited resources in order to better supervise our financial institutions. i commend pftac ( mr. pierre seguin and ms. nina samuel ) and assistant governor pidik and his team for ensuring that all that was required to be done for hosting this event was done on time. importance of afspc ladies and gentlemen, afspc has over the years provided a forum for regulators to exchange ideas and share information. it is also in such forums that you are able to build networks. it is increasingly important due to cross - border banking and the interconnectedness that we identify our vulnerabilities, and as a region, collectively work towards a strategy as a means of our readiness for unforeseen periods of turbulence or crisis. and there is no better forum than afspc, for it is through this platform that regulators exchange ideas, share information and learn from experiences of each other. afspc provides the forum for exchanging and sharing