Press Release No. 16/580

IMF Executive Board Concludes 2016 Article IV Consultation with Papua New Guinea

December 23, 2016

On November 29, 2016, the Executive Board of the International Monetary Fund concluded the 2016 Article IV consultation with Papua New Guinea and considered and endorsed the staff appraisal without a meeting.

Under Article IV of its Articles of Agreement, the IMF has a mandate to exercise surveillance over the economic, financial and exchange rate policies of its members in order to ensure the effective operation of the international monetary system. The IMF’s appraisal of such policies involves a comprehensive analysis of the general economic situation and policy strategy of each member country. IMF economists visit the member country, usually once a year, to collect and analyze data and hold discussions with government and central bank officials. Upon its return, the staff submits a report to the IMF’s Executive Board for discussion. The Board’s views are subsequently summarized and transmitted to the country authorities.

The authorities need more time to consider the publication of the staff report and the related press release.