Papua New Guinea: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea

December 29, 2017

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Papua New Guinea: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea, (USA: International Monetary Fund, 2017) accessed November 21, 2024

Summary

This 2017 Article IV Consultation highlights that Papua New Guinea’s economic activity has remained subdued in 2017. Slow growth, generous tax treatment of the Liquefied Natural Gas project, the drought and weak tax administration have all contributed to declining tax revenues and a substantial fiscal deficit and increasing debt-to-GDP ratio. Inflation was boosted to over 6 percent by drought effects, but is beginning to ease. Near-term risks to the outlook are tilted to the downside. Over the medium term, risks are more balanced owing to the upside potential of new resource sector projects and, possibly, a pickup in commodity export prices.

Subject: Exchange rate flexibility, Expenditure, External debt, Foreign exchange, Public debt

Keywords: Asia and Pacific, Authorities' three, Authority, CR, CTF regime, Current account, Debt, Europe, Exchange rate flexibility, FX shortage, Global, Government payroll, ISCR, Macroeconomic policy, Mineral resources authority, Newly-elected authorities, Pacific Islands, PNG LNG pipeline project

Publication Details

Pages:

65
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2017/411
Stock No:

1PNGEA2017002
ISBN:

9781484335918
ISSN:

1934-7685

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