Government adopting fiscally sound approach to management of sea bed resources

The Prime Minister is supporting a comprehensive ‘steady as she goes’ approach to establishing the framework for the Seabed Mineral initiative.
Yesterday, Marurai gathered the Central Agencies of Crown Law, Finance, Public Service Commission and Office of the Prime Minister, to ensure there was commonality in managing the set-up of the new authority, which will oversee the natural resources and minerals sector.
The focal point for administrative functions in the immediate term will remain the responsibility of the Office of the Deputy Prime Minister, which will work closely with the Prime Minister. Both the DPM Robert Wigmore and PM Marurai have discussed the way forward and are supportive of maintaining a momentum of progress that meets the principles of fiscal accountability. The Minister of Finance is encouraged by the approach and has contributed to the process, which will engage two of his areas of responsibility – Crown law and Finance.
The DPM’s office will be setting out a workable timetable once there is further clarification on issues of available finance and technical support for administrative functions such as budgeting and job specifications for the new position of Commissioner for the Seabed Mineral Authority.
In the 2009/2010 fiscal year, parliament appropriated $20,000 to assist with administrative costs. The new law has not yet been assented to but does not prevent the government from proceeding with putting the framework in place for future management. - PM Office media release

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