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 Stat

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

Author: 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

Volume/Issue: Volume 2024 Issue 231

Publication date: July 2024

ISBN: 9798400281105

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Topics covered in this book

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Exports and Imports , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , EFF arrangement , PNG kina , Policy discussion , reform agenda , monetary policy reform , Credit , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Asia and Pacific

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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. The authorities have made progress in implementing reforms supported by the program, demonstrating continued commitment to program’s objectives. The tense political and social environment, culminating in civil unrest in January 2024, has affected the parliamentary calendar and delayed the adoption of laws.