Papua New Guinea: Request for a Staff-Monitored Program; and Staff Report

Request for a Staff-Monitored Program-Press Release; and Staff Report

Volume/Issue: Volume 2022 Issue 055

Publication date: February 2022

ISBN: 9798400201271

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Topics covered in this book

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Exports and Imports , Finance , Money and Monetary Policy , Public Finance , International - Economics , IMF's transparency policy , Policy formulation , IMF resident representative , policy setting , D , addressing governance , staff appraisal , distress rating , Debt sustainability analysis , Debt sustainability , Global , Pacific Islands

Also of interest

Peru

Grenada

Nepal

Peru

Summary

Papua New Guinea (PNG) is a fragile state, vulnerable to recurrent shocks. A third wave of the COVID-19 pandemic is straining the healthcare system. Widespread vaccine hesitancy has contributed to very low uptake of the vaccines with about only 2 percent of the population fully vaccinated. Real GDP is estimated to rebound modestly to grow by 1.7 percent in 2021 after the downturn in 2020. Elections are due to take place in June 2022, and the formal campaign period will commence by end-April.