Papua New Guinea:Requests for an Arrangement under the Extended Credit Facility and an Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for the Papua New Guinea

Author: International Monetary Fund. Asia and Pacific Dept

Papua New Guinea: Requests for an Arrangement under the Extended Credit Facility and an Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for the Papua New Guinea

Volume/Issue: Volume 2023 Issue 126

Publication date: March 2023

ISBN: 9798400237898

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Exports and Imports , Finance , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , EFF arrangement , FX shortage , PNG economy , reform agenda , IMF resident representative , debt vulnerability , Government finance statistics , External sector statistics , Global , Asia and Pacific

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Summary

Papua New Guinea (PNG) is a fragile state, vulnerable to natural disasters and terms of trade shocks. Low commodity prices in 2014-20, a severe drought in 2015-16, and a major earthquake in 2018 softened growth, led to shortages of FX, and contributed to a pre-pandemic build-up of public debt. The pandemic further increased public debt, which is now at high risk of distress, while development needs remain considerable.