Papua New Guinea:Requests for an Arrangement under the Extended Credit Facility and an Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for the Papua New Guinea
Papua New Guinea: Requests for an Arrangement under the Extended Credit Facility and an Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for the Papua New Guinea
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Volume/Issue:
Volume 2023
Issue 126
Publication date: March 2023
ISBN: 9798400237898
$20.00
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Topics covered in this book
This title contains information about the following subjects.
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Exports and Imports , Finance , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , EFF arrangement , FX shortage , PNG economy , reform agenda , IMF resident representative , debt vulnerability , Government finance statistics , External sector statistics , Global , Asia and Pacific
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Summary
Papua New Guinea (PNG) is a fragile state, vulnerable to natural disasters and terms of trade shocks. Low commodity prices in 2014-20, a severe drought in 2015-16, and a major earthquake in 2018 softened growth, led to shortages of FX, and contributed to a pre-pandemic build-up of public debt. The pandemic further increased public debt, which is now at high risk of distress, while development needs remain considerable.
