level institutions offering economics courses must be of international standard need for institutions offering economics courses to achieve and maintain parity with international standards need for adequate teaching staff and quality learning facilities including specialized library with current titles and up - to - date issues of professional journals fostering of proper application of economics as a decision - making tool in all facets of public policy and private investment decision making ( ii ) to encourage professional development and employment of economists ; in public and private sectors ( iii ) to promote professional discussion of matters concerning the national economy ; need for regular professional dialogues for fostering sound alternative rational policy outcomes need for independent evaluation and commentary on official public policies and issues ( iv ) to conduct independent research and make impartial commentary on public policy matters without fear or favour ; need to reduce current dependence on overseas experts and researchers with indigenous and home grown knowledge through professional research independent research and analysis can complement official policy and also provide alternative insights ( v ) to make proactive and timely contributions to research and development of public policy ; and need for regular forum or avenue for exchange of ideas ( vi ) to facilitate dialogue between governmental organisations, nongovernment organisations, community - based organisations and the private sector ; as a facilitator and coordinator in networking partnerships between all sectors of society ( vii ) to collaborate with other organisations both in country and overseas to further its objectives ; to ensure parity with international body of knowledge, trends and reinforcement of professional standards ( viii ) to publish journals and other publications consistent with the advancement of the objectives of the society ; for imparting and dissemination of knowledge capture research findings for promotion of proactive dialogue and for historical or inter - temporal comparisons ( ix ) to organise and participate in gatherings such as conferences, forums, meetings and workshops for discussion of economics and other matters at domestic and international levels ; for proactive exchange of ideas and findings for encouraging professional development beside all these, if we get ourselves organized the society can get recognized by the government and other authorities, and can be called upon for advice and representation in various forums and organizations. economists are needed in the evolving economy of ours in this changing and complex age of globalization. for economists have to make the important decisions macro and micro economic policies and other public policies, planning for delivery of goods and services to our people before ; the lawyers to ensure the legal and governance issues are in place and are followed ; the engineers / architects to design and oversee constructions of bridges, roads and buildings ; and the accountants account and audit where

its rugged geographical terrain and sparsely distributed provinces which stand to benefit considerably from the use of electronic and mobile phone banking. the greatest challenge is to extend these services to the “ unbanked ” segment of the population who are mostly in the rural areas. in this respect a trade store in the remote part of papua new guinea could be an agent of this service and this could solve the everyday problem of a farmer who has to travel long distances and incurs high costs to get the required financial services in urban towns. role of bank of png section 7 ( c ) of the central banking act 2000 specifies that bank of png has to promote an efficient national and international system. in this regard, the bank welcomes the introduction of electronic payments and mobile banking products, which can assist in reducing transaction cost and contribute to the expansion of financial services in the country, particularly in the rural areas. whilst the bank seeks to encourage the introduction of new innovative instruments for payments, it also needs to ensure that high levels of standards are maintained for safety, security and cost effectiveness with adequate levels of protection for consumers ’ interests. in other words, the bank wishes to ensure that electronic payments and mobile banking instruments are appropriately regulated to mitigate any potential incidences that might give rise to systemic risk on the entire financial system. it is also important that the other legislations such as the proceeds of crime act ( pca ), information, communication and technology act ( icta ) and independent consumer, competition, commission act are also adhered to provide the necessary safety net for financial transactions. in this regard, the bank of png introduced its statement of intent on electronic payments and mobile banking in may 2010. it outlines the current views and approach of the central bank towards electronic and mobile payment services and sets out the measures which the bank intends to adopt in the future. this forum demonstrates the bank ’ s intention to work with our development partners in achieving the governments objectives of promoting financial inclusion, access to finance, and reduce the cost of banking that will lead to sustained economic growth. in this regard, the bank of papua new guinea has been actively involved with the development of microfinance industry, the mobile phone banking and payment services, and is now finalizing a project with donor partners to undertake a financial literacy survey and linkage program for the unbanked. these programs will see the introduction of a financial inclusion and literacy policy which will be submitted to the government for adoption, and development of a microfinance regulation