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 IMF Report is inaccurate: Bakani

The 2016 International Monetary Fund Article IV Mission Report on PNG is not correct, says Bank of PNG Governor Loi Bakani.                                


IMF Report is inaccurate: Bakani

“The report did not accurately cover the performance of the PNG economy, as a number of serious errors were noted in the report,” Bakani stated in statement.

The six areas that the country’s central bank disagreed to, resulting in the delay of approving the release of IMF Report since October 2016 are, debt-to-GDP ratio, months of import cover, no breach of Article VIII, tax  clearance certificate, foreign exchange market and IMF visit staff report.  

Government to release IMF Report soon

Prime Minister Peter O’Neill revealed this on Monday when speaking at the inaugural National Press Club in Port Moresby.

He said the only issue which is delaying the release of the report was that the Central Bank was relating to the foreign exchange levels.

O’Neill added that the Government was satisfied with the report and will release it soon.

“We, as government has no issues whatsoever with the report and the Treasury Department will release the report.

Stop hiding IMF Reports, Polye warns

Polye said hiding the report will not solve our problems but bring a bad reputation to the country.

“Because the IMF Report will be telling the truth of Papua New Guinea’s financial situation and economic conditions, the Government decided not to make public the report.”

Polye claimed the IMF report will declare PNG as in economic recession and that the government has not put in any reforms or economic restructure and adjustment and the calamity they have brought up on the people.