Papua New Guinea:2022 Article IV and the Staff Monitored Program-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea

Author: International Monetary Fund. Asia and Pacific Dept

2022 Article IV and the Staff Monitored Program-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea

Volume/Issue: Volume 2022 Issue 305

Publication date: September 2022

ISBN: 9798400221262

$20.00

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Topics covered in this book

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Exports and Imports , Finance , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , PNG government , PNG LNG project , bank PNG , cashflow management , PNG parliament , Debt sustainability analysis , Government finance statistics , External sector statistics , Global , Pacific Islands , Asia and Pacific , Western Hemisphere

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Summary

Papua New Guinea (PNG)’s economy is weathering the pandemic well, despite many challenges. Real GDP in 2022 is projected to exceed its 2019 level, and the medium-term outlook is positive, supported by investment in (and revenues from) the resource sector. The war in Ukraine is impacting PNG through higher commodity prices and higher inflation, with the former leading to a stronger balance of payments and higher fiscal revenues, since PNG is a large commodity producer. Risks remain skewed to the downside and include a worsening health situation given the low vaccination rate, volatility in commodity prices, and political instability.