Papua New Guinea: 2016 Article IV Consultation-Press Release; and Staff Report

International Monetary Fund

No 2017/022, IMF Staff Country Reports from International Monetary Fund

Abstract: This 2016 Article IV Consultation highlights that Papua New Guinea is facing headwinds stemming from low commodity prices and is recovering from a major drought; these factors have weighed on economic growth, weakened the external position, and created fiscal challenges. Foreign exchange (FX) remains in short supply, but inflows have recently picked up somewhat. Near-term risks to the outlook are tilted to the downside, as fiscal retrenchment may have a greater impact on the economy than currently expected and the limited availability of FX continues to constrain imports and economic activity. A further drop in commodity prices would weaken the external and fiscal positions.

Keywords: ISCR; CR; GDP deflator; real GDP; deficit; GDP; PNG LNG project; PNG NSO staff; PNG economy; world commodity price; exchange rate depreciation; allocation mechanism; PFTAC mission; Budget planning and preparation; Asia and Pacific; Global; Pacific Islands (search for similar items in EconPapers)
Pages: 66
Date: 2017-01-30
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