Govt not responding to IMF reports stirs speculation on economy

The National Government must respond to the International Monetary Fund (IMF) Report to dismiss speculations about the country’s economy.

Institute of National Affairs executive director, Paul Barker made this comment in an interview in Port Moresby today.  

IMF Article IV was released in November 2016, but to date the National Government have not responded to the article.

“It’s not, Government refusing to release the report to the IMF, it’s a IMF staff report been to their board and approved at the end of November, and they have given an opportunity for the (PNG) government to respond to it,” said Barker, an economist.   

“Because by not releasing it, it encourages speculations, people assuming some pretty harsh things about economy management and monetary management in PNG.

“Maybe some strong words in there, even if expressed in a diplomatic manner, even if there are, there is damage from withhold a report, speculations is damaging, investors’ confidence in PNG is not strong because of difficult economy scenario the country had experienced in the last couple of years.”

Barker said there is not timeframe for the PNG Government to respond but it is good for investors’ confidence when Central Bank also provide its counter arguments.

He added that it is unheard around the world for the IMF report not to be released.

Loop PNG was unable to get comments from the Prime Minister Peter O’Neill when we contacted him.

Charles Yapumi