![Papua New Guinea's Treasurer, Peter O'Neill, told the Papua New Guinea Australia Business Forum strong economic growth is being driven the PNG-LNG project construction and strong mining and agricultural production. [Flickr]](http://www.abc.net.au/reslib/201010/r663123_4764143.jpg "Papua New Guinea's Treasurer, Peter O'Neill, told the Papua New Guinea Australia Business Forum strong economic growth is being driven the PNG-LNG project construction and strong mining and agricultural production. [Flickr]")
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Papua New Guinea's Treasurer, Peter O'Neill, says Papua New Guineais expecting economic growth of 8 per cent in 2011 in what is forecastto be an eleventh successive year of growth.Mr O'Neill told thePapua New Guinea Australia Business Forum the strong growth is beingdriven by an increase in the $15 billion PNG-LNG project constructionand strong mining and agricultural production.
But inflation is expected to be a challenge, currently at 8.2 per cent.
MrO'Neill said the management of large revenues from the PNG-LNG projectis another challenge that is being dealt with by the establishment ofthree sovereign wealth funds.
He says the government is on track to have legislation to set up these funds by the end of the year.
Asan organic law, the Sovereign Wealth Fund Bill must pass throughparliament with a 75 per cent majority at two separate sittings.
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