with resources. prudent management of the windfall revenue held in the trust accounts is a challenge for government to ensure that it is used efficiently and for areas that will enhance revenue generation in future. but a closer assessment of most of these trust accounts show that they are likely to end up as recurrent expenditure, and not of investment type. the issue of efficiency in delivery of services requires micro reforms. this is where the survey also deliberated on some areas of micro reform necessary to sustain economic growth in future. they are : ( i ) competition in mobile telecommunications, about which the survey acknowledges the gains in the competition between telikom and dicigel, ( ii ) competition in air transportation, about which the survey pointed out benefits for travelers on certain travel routes ( e. g., brisbane - port moresby - brisbane ) served qantas / air niugini and virgin blue / airlines png ( iii ) business regulations ( iv ) dealing with construction permits ( v ) reducing costs of trade ( vi ) streamlining contract enforcement. these reforms should be pursued as the benefits for the economy are substantial. the bank has consistently called for these reforms in its six - monthly monetary policy statements. in concluding, the survey focused on the appropriate theme that is relevant today for the government as it is already experiencing the effects of low commodity prices on its budgeted revenue for 2009. it is a challenge not to repeat the experiences of previous years where expenditure is not adjusted whenever there is a shortfall in revenue. the government should not resort to debt financing but take a strong stand to cut expenditure in non essential areas. the effective use of the trust funds has to be undertaken in an orderly manner so that it does not exert pressure on liquidity and inflation. this is a form of government ’ s fiscal stimulus required to keep the economic momentum going. close coordination between fiscal and monetary policies is therefore necessary in order to achieve long term macroeconomic stability and sustainable growth. in terms of the timing of the survey, it is early to assess the full impact of the decline in export commodity prices on the economy. it is desirable thus to assess this impact later and how the government had reacted to such impact. this could be looked at in the next survey of the economy. but raising these issues now as the government is starting to experience the effects of lower commodity prices is important, and the authors should be commended for undertaking this survey at this time. lessons drawn from the past commodity boom and gloom should

being considered. i want to conclude with a poignant text from the little book " sea prayer " by khaled hosseini. a father prays over his sleeping son as they wait for dawn and a boat to arrive, to start their perilous journey towards the promise of a new life : pray god steers the vessel true, when the shores slip out of eyeshot and we are a flyspeck in the heaving waters, pitching and tilting, easily swallowed. because you, you are precious cargo, marwan, the most precious there ever was. i pray the sea knows this. inshallah. this summit offers an opportunity to chart a new path for engaging the diaspora. how i pray the sea knows this. i wish you fruitful deliberations and a successful summit. thank you! 3 / 3 bis - central bankers'speeches