PA releases transparency report
The Board of Directors of the Palestine Investment Fund (PIF) has released financial and corporate details on the Palestinian National Authority (PNA)'s investments and commercial activities.
The report includes a list of assets owned or controlled by the PNA, consisting of 79 commercial investments and a report on ten of the investments, including valuation by Standard & Poor (S&P)'s and transparency diagnostic by the Democracy Council. In addition, a listing of current bank accounts formerly controlled by the Palestinian Commercial Services Company (PCSC) was also included in the report.
The Fund exists as an independent agency wholly owned by the PNA. It was designed to help ensure that all commercial assets and investments are disclosed, managed, and monitored in a manner consistent with international standards of transparency, accountability, and good governance.
The Fund is managed by a seven-member Board of Directors; a majority of whom come from the private sector. The Fund's Articles of Association and Operating Manual were also made public in line with public commitments.
"This report the first in a series represents seven months work consisting of a process of consolidation and disclosures as required by the PNA's new policy of transparent reporting," said Chairman of the PIF and Minister of Finance Salam Fayyad.
S&P and the Democracy Council have been providing strategic advice and they have conducted valuation and transparency diagnostics on the assets. The Democracy Council also helped design an accountable and transparent risk management system. — (menareport.com)
© 2003 Mena Report (www.menareport.com)