the livelihoods for 80 % of the population. the government has to plan in great detail and professionally the pace of implementation. the decisions it took are very wide ranging, complex and very costly. it has to ensure that the very large amounts of resources that were allocated to each of the above tasks are used efficiently, and under close scrutiny and control. the government is aware that its 2013 expenditure plan can be funded from domestic financial resources. this will result in all of it, excluding some minor import components of fuel, spare parts and some planning will be accounted for as contribution to domestic gdp. if things will materialize as planned, then gdp growth will be substantially higher from the 5. 2 % projected, and closer to the five year average growth of 9 %. the government has to plan in great detail and professionally the pace of implementation. the decisions it took are very wide ranging, complex and costly. it has to ensure that the very large amounts of resources that will have to be allocated to each of the above tasks are used efficiently, and under close scrutiny and control. i recommend that, only after all the plans and safe guards are in place, the resources should be released. otherwise we will repeat the misallocations and misuse of funds of the recent years from the public funds. another policy i advocate from the day i was appointed the governor of the bank is the development of the agriculture sector. eighty percent of our population are subsisting and earning their living in the formal and informal agriculture sector. we have an abundance of very fertile land, no shortage of water resources, excellent climatic conditions, and many under employed people in the rural areas. therefore, in the medium term, the industry that can provide a source of income and improve the standard of living, of the great majority of the population is the agriculture sector. the agriculture export industries like oil palm, cocoa, coffee, rubber, tea and coconut are just some of the commodities that, if the right structures will be put in place, they can serve the purpose of providing productive employment and income to the rural majority. given the world shortage of food and the ever increasing prices of food products in recent years, papua new guinea can become the food basket of the pacific and beyond. the government bis central bankers ’ speeches should develop an incentive framework that encourages investment in the agriculture sector, to replace imports, enhance and encourage exports of food products. the most effective way of counter - acting the “ dutch disease ” phenomena is by developing

leonard wilson kamit : the 2003 dividend to the government speech by mr leonard wilson kamit, cbe, governor and chairman of the board of the bank of papua new guinea, on the occasion of the payment of the 2003 dividend to the government, port moresby, 14 september 2004. * * * introduction the minister for finance and treasury, honourable bart philemon m. p, members of the board, executives of the bank of papua new guinea, ladies and gentlemen. the central banking act ( cba ) 2000 specifies the objectives and functions of the bank of papua new guinea. besides our core functions of managing monetary policy, supervising the financial system, ensuring an efficient payments system, promoting macroeconomic stability and economic growth in papua new guinea, the central bank also has a special relationship with its shareholder, the government. the bank is mandated to provide to the government advice on financial and banking matters, and liaise closely with the treasury department on macroeconomic matters. our relationship with the government involves acting as its banker and financial agent, as the official depository, perform general agency functions, liaise with international financial institutions and provide short - term advances to meet cash - flow mismatches. the bank of png has a board that ensures that the governor and management perform in fulfilling the duties so prescribed as well as strive to make profits and declare dividends to its shareholder. i am pleased to announce that the central bank has a very dynamic and vigilant board, which ensures that the bank ’ s policies and operations are prudent and sound. the membership of the board as prescribed under the central banking act has representation from the civil and business community with explicit governance responsibilities. the board members are : mr l wilson kamit cbe – governor & chairman mr benny popoitai mbe – deputy governor, management & operations rev samson lowa – president, png council of churches mr john mahuk – president, png trade union congress mr michael mayberry – president, png chamber of commerce mr patrick kolta – president, png institute of accountants mr kostas constantinou obe – managing director, lamana hotel ltd mr robert igara cmg – chief executive, png sustainable development program ltd the late koiari tarata iso, cbe – secretary, department of treasury ( now vacant ) to ensure that accountability, structural and governance matters were strengthened in the bank, the board established an audit committee. the approved a charter for the audit committee covers the responsibilities,