Papua New Guinea: Third Reviews under Extended Arrangement under the Extended Fund Facility and an Arrangement under the Extended Credit Facility, Request for Extension, Rephasing of Access, and Modification of Quantitative Performance Criteria, and R

Third Reviews under Extended Arrangement under the Extended Fund Facility and an Arrangement under the Extended Credit Facility, Request for Extension, Rephasing of Access, and Modification of Quantitative Performance Criteria, and Request for an Arrangement under the Resilience and Sustainability Facility-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: Third Reviews under Extended Arrangement under the Extended Fund Facility and an Arrangement under the Extended Credit Facility, Request for Extension, Rephasing of Access, and Modification of Quantitative Performance Criteria

Volume/Issue: Volume 2024 Issue 344

Publication date: December 2024

ISBN: 9798400295386

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Topics covered in this book

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Exports and Imports , Finance , Public Finance , Environmental Economics , Natural Disasters , RSF reform agenda , PNG government , EFF arrangement , EFF program , RSF arrangement , government plan , PNG agriculture commercialization , Climate change , Climate finance , Global , Pacific Islands , Asia and Pacific

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Summary

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 longstanding structural impediments to inclusive growth. Despite socio-political challenges, the authorities have made progress in implementing reforms, demonstrating continued commitment to the program’s objectives.