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March 2022

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Urgent Relief Assistance For Manam Islanders

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Residents of Manam Island are in immediate need of food rations and other necessities after their housing and food and water sources were destroyed by heavy ashfall and scoria from the eruption on Tuesday night.

Yabu LLG President, Kenny Boli, said effects of the eruption were felt by Yassa, Zogari, Waia, Madauri and Dugulava villages.

Garden crops destroyed by ash
He said most of the islanders planted their food gardens closer to the crater of the volcano. Those gardens have now been destroyed by the eruption, leaving the islanders without food and clean drinking water.

The eruption once again highlights the existing plight of the islanders living in Care Centers on the mainland since being evacuated after two eruptions of the Manam Volcano in 2004 and 2005.

Those who moved to the Care Centers have been vocal about the daily struggles of living there. Land and resources are now scarce due to an increase in their population.

Boli is appealing to the Provincial Government through the disaster office, NGOs and stakeholders to assist the affected islanders.

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Business

Nasfund Members Receive 6.5% Interest On Savings

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Members of Papua New Guinea’s leading superannuation fund, NasFund, will be pleased to receive an interest of 6.5% on their superannuation savings this weekend.

The superfund announced its audited results for the year 2021 on Thursday (March 10), stating a Net Asset Value of K5.9billion and a Net Profit of K363million by December 31, 2021.

NasFund Chairman, Charles Vee said the superfund demonstrated strong resilience under current economic circumstances to attain positive results.

Over this coming weekend, the superfund will be allocating K363million into 623,000 member accounts.

Vee expressed satisfaction in informing NasFund members that the fund continued to meet investment targets of achieving returns above CPI over a rolling five year period, which on average is 5.7% compared to CPI average of 4.7% over the same time. Adding, that over the last 5 years, NasFund had paid K2.3billion in superannuation entitlements to members.

Some of the fund’s main highlights for the year 2021 include:

· Cash income of K423 million compared to budget of K407 million.

· Valuation income of K72 million against loss of K58 million in 2020.

· Expenses of K64.5 million compared to budget of K72 million.

· Net profit after tax of K363.3 million.

· Total Assets of K6.03 billion.

· Net Assets of K5.94 billion.

· Employer receipts of K589 million compared to K574 million received in 2020.

· Increase in member withdrawals of K586 million compared to K469 million paid in 2020.

· 52, 625 new members registered resulting in a 3% increase in total membership to 622,938 members.

· 137 new employers registered resulting in a 4.8% increase in total employer base to 2700 employers.

· 961 shop floor presentations compared to 240 conducted in 2020.

· 80% vaccinated workforce.

· Successful retention of two employers after issuance of a Sect 85 transfer notice initiated by another fund.

· Opening of a service center in Maprik, East Sepik Province.

· Opening of a service center in Porgera, Enga Province.

· Participation in the Superannuation and Life Insurance Review workshops conducted throughout the country by Bank of PNG.

· Increase in targeted economic sector engagements through MOUs with specific Special Economic Zone sectors and identified provincial governments.

· Launch of Cellmoni in partnership with Digicel for convenient contribution by members.

Vee said the fund will continue to enhance member services while seeking opportunities to grow membership and new investments.

He added that member accounts increase over a longer period of time through the effect of compound interest and a dedication to investing in assets provide secure long-term returns.

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News

Walk to launch International Women’s Day

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Hundreds of Port Moresby residents have participated in a walk to launch the International Women’s Day, which will be celebrated on the 8th of March.

Hosted by Active City Development Program, under the National Capital District Commission, it is a call to accelerate equal participation of women in all aspects of life.

Continuous support towards this annual women employment program came from Spotlight Initiative, UNFP, UN Women and JICA.

With a number of events planned for this week the theme for IWD 2022 is *Gender Equality Today for a Sustainable Tomorrow

Yesterday’s walk started at Sir Hubert Murray station and ended at South Side at Koki

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Politics

PM Marape confirms death of Minister

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Prime Minister James Marape has announced the untimely passing of the Minister for Commerce and Industry and the member for Goilala, Honorable William Samb.

Commerce and Industry Minister, Member for Goilala, Hon. William Samb.

Source: www.parliament.gov.pg (for MP’s profile)

“He was on official duty travel when he met his fate.”

In a short statement released yesterday morning, Marape said he received confirmation on Thursday of the passing of the Minister.

The Minister passed away in a hospital in Dubai, United Arab Emirates.

“He was reportedly unwell and in hospital when he passed away,” Marape sadly revealed.

William Samb was first elected to the 9th Parliament for the Goilala Open Seat in a by-election in 2015 as a Pangu Party Candidate following the death of then Member, Daniel Mona in August 2015.

He was Shadow Minister for Works in the 9th Parliament. Appointed Minister assisting the Prime Minister in the O’Neill-Abel Government in August 2017.

He was re-elected to the 10th Parliament in the 2017 National General Election. He resigned as the Minister assisting the Prime Minister and was appointed the Minister for Transport and Infrastructure from June of 2019 to January 2022 in the Marape-Basil Government. He also served as the Caretaker Minister for Commerce and Industry since October of 2021 and later confirmed to the Ministry after a minor Cabinet Reshuffle in January 2022.

The late Minister William Samb held a Bachelor’s Degree in Civil Engineering from the PNG University of Technology and a Master’s Degree in Project Management from the Queensland University of Technology.

Hi education began at his humble Goilala Electorate at Kambise Primary School to Tapini High School (Gr.9-10) and completing his Secondary Education at Sogeri National High School.

He was the Implementation Manager for National Roads Authority (NRA) before joining politics.

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