IMF Staff Country Reports

Papua New Guinea: Second Reviews Under Extended Arrangement Under the Extended Fund Facility and an Arrangement Under the Extended Credit Facility, and Request for Modification of Quantitative Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea

July 18, 2024

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International Monetary Fund. Asia and Pacific Dept "Papua New Guinea: Second Reviews Under Extended Arrangement Under the Extended Fund Facility and an Arrangement Under the Extended Credit Facility, and Request for Modification of Quantitative Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea", IMF Staff Country Reports 2024, 231 (2024), accessed November 21, 2024, https://doi.org/10.5089/9798400281105.002

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Summary

This paper presents Papua New Guinea’s Second Reviews under Extended Arrangement under the Extended Fund Facility under the Extended Credit Facility, and Request for Modification of Quantitative Performance Criteria. The authorities should now build on these achievements and sustain their reform efforts toward more resilient, inclusive and sustainable growth. In order to address debt vulnerabilities, fiscal consolidation should continue, while creating fiscal space to meet development and climate adaptation needs and devising contingency plans to anticipate the possible materialization of fiscal risks, including from natural disasters. The program performance recorded over the second review period continues to attest to the authorities’ strong commitment to reforms. They have successfully advanced the implementation of their reform agenda, while overcoming technical and institutional capacity constraints. The program will continue to support Papua New Guinea’s reform agenda, help protect the vulnerable and foster inclusive growth, with a focus maintained on strengthening debt sustainability, alleviating foreign exchange shortages, and enhancing governance and anti-corruption frameworks.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Credit, Crime, External debt, Money, Public debt, Revenue administration

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Asia and Pacific, Credit, EFF arrangement, Monetary policy reform, PNG kina, Policy discussion, Reform agenda

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