INA executive director Paul Barker

Governor Loi Bakani told Loop PNG that the Central Bank will release that statement soon.

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

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 said: “This is an exercise to reduce hard dependence on the local market; the government have been sustainably funding the budget gap for the last 18 months so, by borrowing heavily from the domestic market, from the bank, other institutions, treasury bills and other mechanisms.  

“The capacity and readiness of the domestic market to provide the level of funding is limited.

Institute of National Affairs executive director, Paul Barker made the comment when responding to question of the delay in releasing the International Monetary Fund (IMF) Report Article IV will hamper the Government’s bid for a sovereign bond.  

The PNG Government will make a trip to the United States for a road show this year, because the sovereign bond, when secured will support the 2017 National Budget.    

Prime Minister Peter O’Neill told Loop PNG that, the report is still with the Treasury Department for consultation.

“It is my understanding that IMF mission report is still being discussed between Treasury and IMF because of some discrepancies.”

“The report has not reached NEC and therefore cannot comment any further,” O’Neill said.        

Institute of National Affairs executive director, Paul Barker said it’s unheard for a country to delay the release of an International Monetary Fund (IMF) Report.

Institute of National Affairs executive director, Paul Barker made this comment, referring to January 1 incident in Port Moresby where the New Year morning nearly turned into a gun fight between RPNGC and PNGDF personnel.   

“It may involve only, small number of people but it will not send out a good message to the community and investors as well,” Barker said.

He added that with the country’s current economy condition, foreign investors are what the country needs to claim the rough seas.   

Institute of National Affairs executive director, Paul Barker made this comment after the PNG National Government have not yet responded to the IMF Article IV which was released in November 2016.

However, Prime Minister Peter O’Neill told Loop PNG that, the report is still with the Treasury Department for deliberation.

“It is my understanding that IMF mission report is being still discussed between Treasury and IMF because of some discrepancies.”

“The report has not reached NEC and therefore cannot comment any further,” O’Neill said.         

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.