Papua New Guinea: First 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 State

First 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

Papua New Guinea: First 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
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Volume/Issue: Volume 2023 Issue 385
Publication date: December 2023
ISBN: 9798400261411
$20.00
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Exports and Imports , Finance , Money and Monetary Policy , Public Finance , International - Economics , outturns data , liquidity management reform , EFF arrangement , staff appraisal , FX policy operation , Debt sustainability analysis , Global , Asia and Pacific

Summary

Background. On March 22, 2023, the IMF Executive Board approved 38-month Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangements with Papua New Guinea to help address a protracted balance of payments need manifested in foreign exchange shortages and to support the authorities’ reforms to address long-standing structural impediments to inclusive growth. While ambitious, the program is focused on macro-critical conditionality, supported by capacity development (CD), and informed by a Country Engagement Strategy, in line with the IMF’s Strategy for Fragile and Conflict-Affected States (FCS).