Papua New Guinea: Staff Report for the 2004 Article IV Consultation

November 10, 2004

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Papua New Guinea: Staff Report for the 2004 Article IV Consultation, (USA: International Monetary Fund, 2004) accessed November 12, 2024

Summary

This 2004 Article IV Consultation highlights that Papua New Guinea’s macroeconomic performance has improved from mid-2003, helped importantly by the favorable temporary factors that boosted the mineral and agricultural sectors. In 2003, real GDP is estimated to have grown by 2.7 percent, following three years of decline. Coffee and cocoa production benefited from better weather conditions, and production of palm oil, rubber, tea, and copra oil also increased. Papua New Guinea’s medium-term economic outlook as outlined in the government’s development strategy is to achieve real GDP growth of 2½ percent annually in 2004–09.

Subject: Budget planning and preparation, Environment, Expenditure, External debt, Non-renewable resources, Public debt, Public financial management (PFM)

Keywords: Bond issue, Budget planning and preparation, CR, Governance, Government, Government procurement practice, ISCR, Non-renewable resources, Pacific Islands, Papua New Guinea government, Procurement practice, Prudent monetary policy stance, Rate of inflation, World commodity price

Publication Details

Pages:

47
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2004/355
Stock No:

1PNGEA0012004
ISBN:

9781451831665
ISSN:

1934-7685

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