Papua New Guinea: Staff Report for the 2013 Article IV Consultation
December 3, 2013
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This 2013 Article IV Consultation highlights that Papua New Guinea has achieved strong economic growth over the past decade, benefiting from high commodity prices, mineral investment inflows, sound macroeconomic policies, and financial sector stability. The current account deficit is expected to narrow sharply in 2013 as imports and income outflows decline with the winding down of liquefied natural gas project construction. The Bank of Papua New Guinea has kept the policy interest rate unchanged since early 2013 given weakening nonmineral sector demand, but has issued central bank bills and raised cash reserve requirements to absorb excess liquidity in the banking system.
Subject: Budget planning and preparation, Economic and financial statistics, Expenditure, External debt, Government finance statistics, National accounts, Public debt, Public financial management (PFM)
Keywords: Budget planning and preparation, CR, financing needs, Global, government, Government finance statistics, IMF TA recommendation, ISCR, LNG prices decline, LNG revenue increase, Pacific Islands, PFTAC mission, PNG government, PNG LNG project, Policy discussion, resource revenue
Pages:
68
Volume:
2013
DOI:
Issue:
339
Series:
Country Report No. 2013/339
Stock No:
1PNGEA2013001
ISBN:
9781475556216
ISSN:
1934-7685
