However, he questioned how much of the returns flowing into a proposed Sovereign Wealth Fund would reach the customary landowning communities where mineral resources are located and the provinces that bear the environmental costs of resource development.
He also questioned what governance arrangements would protect the Fund from political pressure during future budget cycles.
Hon. Seleso called on the Government to explain what legislation will establish the Fund, when that legislation will be tabled and whether Parliament will see the proposed framework before Cabinet endorses it.
He also called for clarity on what “equitable benefit-sharing” will mean in legally enforceable terms.
“In the experience of Guadalcanal, benefit-sharing that is not written into law and independently audited becomes benefit-sharing that is negotiated away,” he said.
“A Sovereign Wealth Fund without a benefit-sharing law is a Fund for the State. Our people need both.”
Hon. Seleso said the proposed reforms provided an opportunity to ensure Solomon Islands’ mineral wealth delivers lasting benefits to the communities and provinces that host and support resource projects.
[ENDS]
– OPPOSITION PRESS
