Papua New Guinea: Staff Report for the 2003 Article IV Consultation and Request for an Extension of Repurchase Expectations
IMF Staff Country Reports, June 25, 2003
Source details
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- Papua New Guinea: Staff Report for the 2003 Article IV Consultation and Request for an Extension of Repurchase Expectations
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Bibliographic details
- Published: June 25, 2003
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451831689.002
Executive assessment
- This paper assesses Papua New Guinea’s 2003 Article IV Consultation and a Request for an Extension of Repurchase Expectations.
- The IMF staff supports the authorities’ request to extend their repurchase expectations to the IMF in light of the weakness in Papua New Guinea’s balance-of-payments position and the deterioration in key external indicators mainly because of lower mineral exports over the medium term.
Key findings on economic performance and causes
- Since the mid-1990s, Papua New Guinea’s growth performance has been weak.
- Poverty has increased owing to:
- an unfavorable external environment,
- loose macroeconomic policies,
- deep-seated structural impediments to growth.
Policy implication emphasized by IMF staff
- Support for an extension of repurchase expectations to address balance-of-payments weakness and deteriorating external indicators linked to lower mineral exports over the medium term.
Thematic coverage (subjects and keywords)
- Subjects: Budget planning and preparation, Expenditure, External debt, Government debt management, Public debt, Public financial management (PFM)
- Keywords: below-the-line deficit estimate, below-the-line financing data, Budget planning and preparation, CR, deficit, government, Government debt management, increase in inflation, ISCR, Pacific Islands, privatization receipt, staff appraisal