The Autonomous Bougainville Government passed a Bill on Friday to authorise expenditure from the Special Intervention Fund Trust Account to implement a range of priority projects.
The fund is a grant for ABG which the Government appropriated, K200 million (US$73 million) for last year and this year under its K500 million (US$184 million) a year package that started in 2011.
Finance Minister Albert Punghau said several of these projects were provided for under the ABG Appropriation (2014) Act 2013 but the late availability of funds and changes to the law created a need for a different approach from the one previously taken.
He said with the introduction of the new Bougainville public finance (management and administration) Act 2014, all trust accounts previously created under the national public finance Act 1995 will now form part of the new Bougainville Trust Fund.
(THE NATIONAL)
