Papua New Guinea: Request for Disbursement under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea

June 26, 2020

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Papua New Guinea: Request for Disbursement under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea, (USA: International Monetary Fund, 2020) accessed November 23, 2024

Summary

The COVID-19 pandemic erupted just as the government was beginning to implement wide-ranging fiscal, foreign exchange, structural, and governance measures under a Staff-Monitored Program (SMP). The authorities have reaffirmed their commitment to these reforms, but the impact of the crisis is generating balance of payments and fiscal gaps of 4 and 3 percent of GDP, respectively. In the near term, risks are primarily on the downside, especially if there is a widespread local outbreak of the virus. Papua New Guinea’s longer-term outlook remains positive, largely reflecting the likelihood of major resource sector projects.

Subject: COVID-19, Expenditure, External debt, Foreign exchange, Health, Public debt

Keywords: COVID-19, CR, Financial support, Global, Government, IMF financing support, IMF lending tracker, ISCR, PNG economy, PNG government, PNG Treasurer

Publication Details

Pages:

45
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2020/211
Stock No:

1PNGEA2020002
ISBN:

9781513548708
ISSN:

1934-7685

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