International Monetary Fund (IMF)

​IMF welcomes govt’s 100-day plan

The team, led by Scott Roger, project coordinator at the Pacific Financial Technical Assistance Centre in Fiji, visited Port Moresby between August 31st and September 14th as part of the IMF’s Article IV Consultation.

They stated the plan is a welcome initiative and that further reductions in the deficit will be needed in the next few years by bringing down public sector wage costs and strengthening the revenue base.

They also said the monetary policy should aim to support greater exchange rate flexibility.

PNG needs prudent macroeconomic policies: IMF

This was from the executive board of the International Monetary Fund (IMF), in consultation with PNG on November 29, 2016.

“As a commodity exporter, the PNG economy has been hit hard by the drop in world commodity prices and a major drought. The authorities have responded to these shocks through fiscal tightening and a combination of modest exchange rate depreciation and FX sales,” the board said in a statement.

“Strong economic growth driven by the start of the PNG LNG project, has tailed off amidst weak non-resource sector growth.