Papua New Guinea: 2016 Article IV Consultation-Press Release; and Staff Report

January 30, 2017

Preview Citation

Format: Chicago

Papua New Guinea: 2016 Article IV Consultation-Press Release; and Staff Report, (USA: International Monetary Fund, 2017) accessed November 21, 2024

Summary

This 2016 Article IV Consultation highlights that Papua New Guinea is facing headwinds stemming from low commodity prices and is recovering from a major drought; these factors have weighed on economic growth, weakened the external position, and created fiscal challenges. Foreign exchange (FX) remains in short supply, but inflows have recently picked up somewhat. Near-term risks to the outlook are tilted to the downside, as fiscal retrenchment may have a greater impact on the economy than currently expected and the limited availability of FX continues to constrain imports and economic activity. A further drop in commodity prices would weaken the external and fiscal positions.

Subject: Budget planning and preparation, Expenditure, External debt, Foreign exchange, Public debt, Public financial management (PFM)

Keywords: Allocation mechanism, Asia and Pacific, Budget planning and preparation, CR, Deficit, Exchange rate depreciation, GDP, GDP deflator, Global, ISCR, Pacific Islands, PFTAC mission, PNG economy, PNG LNG project, PNG NSO staff, Real GDP, World commodity price

Publication Details

Pages:

66
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2017/022
Stock No:

1PNGEA2017001
ISBN:

9781475572384
ISSN:

1934-7685

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