Although estimates have shown that only 20 percent of the food consumed in PNG is imported, it may be as high as 50 percent in urban areas.1 There is, therefore, a clear market for increased local production and distribution.
Also, while the government may continue to benefit from high revenues, the management of these revenues is increasingly an issue for both fiscal and monetary policy. Therefore, the Bank of PNG continues to call for the Government to allow it to establish an overseas account to manage windfall mineral tax revenue prior to the establishment of a Sovereign Wealth Fund for the LNG Project.