International Monetary Fund Report Article IV

PNG to continue to face economic crisis: IMF

The International Monetary Fund Report Article IV stated that in the absence of any major new resource project to spur investment and depressed Foreign Exchange shortages, the outlook for growth remains under 3 percent while inflation continues to ease.

The IMF Report stated that large financial account outflows related to project debt repayments have contributed to a shortage of foreign exchange.

In these circumstances, IMF recommended that decisive steps be taken to strengthen the country’s fiscal and balance of payments positions.