##ance sector, the bank does not at all compromise its primary roles and responsibilities. all licensed financial institutions, including microbanks and licensed microfinancial institutions are expected to fully comply with the regulatory and prudential requirements of the bank. protection of public deposits and stability of the financial system are at the centre of the bank ’ s objectives. for these reasons, we continue to enforce good governance in both the board and management level, through the “ fit & proper ” tests for those involved. the bank will not go easy on licensed institutions that are found to be violating the provisions of the various acts that empower it or the prudential standards and directives of the bank. challenge : translating rhetoric into reality we can make speeches, write policies and attend conferences to address the needs of the informal and semi - formal sectors but if these are not translated into reality, those that are supposed to be helped will continue to remain in their backwardness. this is a challenge, not only for the government but, for all stakeholders to consider. the png - adb microfinance project is spear - heading the microfinance development in png. i welcome and encourage the pacific participants to interact with your png counterparts to learn and get as much information as possible from this conference to help you develop your microfinance sectors. acknowledgement i would like to acknowledge the contributions of our development partners through the project. one of the components of the project is the microfinance competence centre ( mcc ). i would like to thank the team members of mcc for organizing this conference and inviting participants from the pacific region to attend. closing in closing, i believe this conference opens up the way for all to share information and ideas to address the common problem of poverty alleviation and rural development through microfinance. in this respect, i wish you all success in your deliberations over the two ( 2 ) days of the conference. thank you very much.

loi m bakani : save today for a better tomorrow address by mr loi m bakani, acting governor of the bank of papua new guinea, at the pacific regional conference on microsavings, port moresby, 28 - 29 june 2005. * * * welcome minister for inter - government relations – hon. sir peter barter, mp., minister for community development – dame carol kidu, mp., representatives from adb and ausaid, other development partner representatives, senior government officials, representatives from the banking and finance sectors, overseas guests and participants to the conference. i am very pleased to welcome you all to this conference, and for our overseas guests and participants, a special welcome to papua new guinea ( png ). i hope that during the few days of the conference, you will not only learn about microfinance but also learn much about png itself and the opportunities that it presents. it is also pleasing to see that the invited international guest speakers and the distinguished participants have accepted png ’ s invitation to this year ’ s conference, entitled – pacific regional conference on microsavings. the bank and the png - adb microfinance project team have planned this conference as part of the on - going initiatives to promote the microfinance industy in png and the pacific region. i am confident that the participants are looking forward to the two ( 2 ) days of the conference and the information and knowledge gained during this conference will add value in their efforts to develop their microfinance institutions in their respective countries. message of the conference the theme of the conference is - “ save today for a better tomorrow ”. this theme befits this conference as the year 2005 is the international year of microcredit as proclaimed by the united nations general assembly to recognise microcredit as a means to alleviate poverty and create employment. it is timely. as the conference unfolds in the next two days, many of us attending this conference would attempt to understand the theme from our own perspectives with respect to microfinance developments. perhaps we should try and understand the theme from the viewpoints of the ‘ grass roots ’ or the bulk in the informal and semi - formal sectors. there is a saying that the poor do save. the problem is that they need financial institutions, delivery mechanisms, systems and hands - on education and training to be able to understand why and how to save. in png however, traditional settings and arrangements of