Papua New Guinea: 2011 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Papua New Guinea

International Monetary Fund

No 2011/117, IMF Staff Country Reports from International Monetary Fund

Abstract: Papua New Guinea showed solid economic growth, supported by greater political stability, fiscal framework, and a healthy banking sector. Executive Directors encouraged the authorities to consider tighter macroeconomic policies in the face of rising inflation pressures and also stressed the need of a tight fiscal policy. They welcomed the Sovereign Wealth Funds (SWF), and considered it important to integrate the use of resources in the SWF into the budget and macroeconomic framework, supported by strong fiscal institutions. Directors observed that Liquefied Natural Gas (LNG) and other resource projects provide an opportunity to raise long-term growth and living standards.

Keywords: ISCR; CR; net incurrence; net acquisition; exchange rate; trust accounts closing balance; PNG authorities; financing activity; Inflation; Non-renewable resources; Commodity prices; Global (search for similar items in EconPapers)
Pages: 69
Date: 2011-05-25
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