International Monetary Fund

Up to K4.4bn laundered in PNG

This is according to the International Monetary Fund’s (IMF) estimate of money laundering between 2 percent and 5 percent of a country’s GDP.

This figure is revealed in the Money Laundering and Financing of Terrorism National Risk Assessment of 2017, which was made public on Thursday.

Also made public was the Anti-Money Laundering and Counter Terrorist Financing Strategic Plan 2017 to 2020.

DPM attends World Bank AGM

These meetings are held outside of Washington once every three years.

The DPM attended roundtable of early adopters of the Human Capital Project as one of 27 countries.

He expressed PNG’s condolences to Indonesia for the recent tsumami disaster.

Abel also spoke of the cross cutting issue of rapid population growth and its impacts on maternal and child health and macro pressures on government financing and the environment in developing countries.

Cheaper, faster internet for PNG: Abel

Deputy Prime Minister and Treasurer, Charles Abel, recently engaged with the World Bank and International Monetary Fund at meetings in Washington D.C.

Abel says the new submarine fibre optic communications cable project, and the provision of concessional financing for the restructuring of existing debt, will deliver positive economy stimulus for the economy.

IMF downgrades forecast for world, emerging market economies

In a report Tuesday in advance of the IMF-World Bank annual meetings here this week, the fund says the world economy will grow 3.1 percent this year, down from a July forecast of 3.3 percent and from 3.4 percent growth last year.

"The risks seem more tilted to the downside than they did just a few months ago," IMF chief economist Maurice Obstfeld, told reporters.

Still, Obstfeld downplayed the risk of a global recession.

IMF picks White House adviser as chief economist


Obstfeld, who is on leave from the University of California, Berkeley, replaces the retiring Olivier Blanchard.

Obstfeld has written two influential textbooks on international economics, one with Nobel Prize winner and New York Times columnist Paul Krugman.

IMF: Greece poses little threat to world economy

In a statement Thursday, Blanchard said the world economy has "withstood the stress tests of the last two weeks fairly well."

Lagarde says IMF ready to help Greece if asked

Her statement Monday was the IMF's first reaction to Greek voters' decisive rejection of further austerity measures in return for bailout loans.

"We are monitoring the situation closely," she said, without offering further details.

The Latest: Greek minister hints no payment Tuesday to IMF

Greek Finance Minister Yanis Varoufakis refused to reply to a direct question Sunday on the payment. Instead, he told BBC radio that the European Central Bank should pay the money to the IMF out of the profits it made on Greek bonds in 2014. Varoufakis calls that idea "a very sensible transfer."