PNG's Polye selected as chairman of World Bank and IMF

Transcript

Papua New Guinea's Treasurer says his selection as next chairman of the board of governors of the International Monetary Fund and the World Bank will enhance PNG's increasing role as a major player in the Asia/Pacific region

Don Polye was selected to be the chairman in 2014 by fellow governors, who are usually finance ministers of member countries.

He told Johnny Blades he was humbled and honoured at being chosen.

                                   Don Polye

DON POLYE: Not only for myself, but I was thinking it was an honour and recognition they're giving to the Asia Pacific region, and in particular Papua New Guinea as a developing economy. And it was a honour for the country and the people of Papua New Guinea.

JOHNNY BLADES: Yes. How does it work? Do they just select you out of the blue or do you make it known that you're up for the position?

DP: There would be some level of lobbying involved. In my case, I was asked by the Executive Board of the IMF in Washington if I personally wanted to take up the position of chairman on behalf of Papua New Guinea. And I felt there would be even better people than myself to take over the post, because, firstly, I'm a civil engineer, and I've got a Masters in Business Administration, but I'm not really an economist, [which] is relevant to the position. However, despite the adversity that I expressed to them, they said [Indistinct] and a technical team got assigned with the chairmanship, and also they probably had observed Papua New Guinea performing under my leadership as the Treasurer over these last few years and they gave me that vote of confidence.

JB: It's also a recognition, isn't it, of PNG's role as a major player in the Asia Pacific region?

DP: Yes, Johnny. I think you're right. Papua New Guinea has got to illustrate its leadership in working and rubbing shoulders with the others in the Asia Pacific region to contribute meaningfully to the development of the regional economy, but also integrating the regional economy with the global economy. How much Papua New Guinea can contribute in a little way as to how we can [Indistinct] systems, but also enable growth of the economies of the other countries and the world economy, how much individual countries can contribute to economic growth while at the same time maintaining financial systems and monetary stability. So Papua New Guinea must play some role. It also lifts the profile of Papua New Guinea's leadership there, which is a challenge. We Papua New Guineans will have to stand up and show that we are not just a developing nation in the Asia Pacific, but one that can show leadership.