Press Release No. 24/62

Statement by the IMF Deputy Managing Director Bo Li on His Visit to Papua New Guinea

March 1, 2024

Washington, DC: Mr. Bo Li, Deputy Managing Director of the International Monetary Fund (IMF), visited Papua New Guinea during February 28 to March 1. During his visit, Mr. Li met with His Excellency James Marape, Prime Minister of Papua New Guinea, Mr. Ian Ling-Stuckey, Minister Advising the Prime Minister, Ms. Elizabeth Genia, Governor of the Bank of Papua New Guinea, senior government officials, representatives of civil society organizations, and development partners. Mr. Li also inaugurated the new premises of the recently reopened Resident Representative Office of the IMF in Port Moresby. Following his visit, Mr. Li made the following statement:

“I am delighted to visit Papua New Guinea for the first time and witness firsthand the progress achieved in tackling long-standing impediments to growth and development. I would like to thank Prime Minister Marape, Minister Ling-Stuckey, and Governor Genia and the people of Papua New Guinea for their hospitality and warm welcome during this visit.

“The government is making strides in the implementation of major structural reforms to put Papua New Guinea onto a path of strong, inclusive, and resilient growth. This home-grown reform agenda is supported by the IMF through Extended Credit Facility and Extended Fund Facility arrangements.

“During our meeting, I congratulated the authorities on the impressive progress achieved under the program, and I encouraged the continuation of their reform efforts.

“The implementation of the government’s budget repair strategy will help reduce debt vulnerabilities, while freeing up more budgetary space to improve access to basic services and infrastructure and provide support to those who need it most. The Bank of Papua New Guinea has begun reforms to help alleviate foreign exchange shortages, bring the kina closer to its market-clearing rate, and improve the business environment. Progress has been made in improving governance and operationalizing the fight against corruption, including by establishing the Independent Commission Against Corruption.     

“The recent reopening of the Resident Representative Office in Port Moresby is a strong symbol of our deepening engagement and robust partnership with Papua New Guinea. The IMF will continue to work closely with the Papua New Guinea authorities and stand ready to help them in the period ahead, not only through our financing and policy advice, but also through our technical assistance, aimed at promoting strong, inclusive, and resilient growth and improving living standards of the people of Papua New Guinea.”