Papua New Guinea: Financial System Stability Assessment

International Monetary Fund

No 2011/163, IMF Staff Country Reports from International Monetary Fund

Abstract: Papua New Guinea (PNG) was only mildly impacted on the financial front during the global crisis. Although the financial sector in PNG has been a source of strength in 2000, vulnerabilities exist and need to be carefully managed. There are important steps needed to strengthen the regulation and supervision of the banking and insurance sectors. The development of local government securities markets is important for system stability. Five years after the enactment of the Proceeds of Crime Act (POCA), there is still no legislation on terrorist financing.

Keywords: ISCR; CR; BPNG; asset; bank; enforcement responsibility; due diligence; PNG LNG project; BPNG enforcement responsibility; property-market decline; headline inflation; market assessment; reverse repo; BPNG function; BPNG income; PNG's bank; LNG project; Loans; Commercial banks; Financial sector; Nonperforming loans; Securities; Global (search for similar items in EconPapers)
Pages: 48
Date: 2011-07-05
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