The Bougainville Peace Agreement provides for the Autonomous Bougainville Government to receive the revenue that the National Government derives from fisheries in Bougainville waters and in the 200Km extended economic zone associated with Bougainville.
This was revealed by the ABG president Chief Dr John Momis in a press statement on Monday saying the revenue will be minus the costs of collection.
He said for several years now the ABG has been negotiating about how to calculate the fisheries revenue payable to Bougainville.
He added that until now we have made very little progress. Chief Momis said the National Government has now agreed to pay the ABG an initial K5 million by August 1 this year.
He said in addition, it will provide the ABG with detailed information on fishing licenses and fish catch data to enable calculation of the fisheries revenue due to the ABG.
He said the ABG has made it clear that debts will be paid from the date of establishing the ABG in 2005.
Meeting Pic by Stephanie Elijah