Papua New Guinea: Third Reviews under Extended Arrangement under the Extended Fund Facility and an Arrangement under the Extended Credit Facility, Request for Extension, Rephasing of Access, and Modification of Quantitative Performance Criteria, and Request for an Arrangement under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea
IMF Staff Country Reports, December 17, 2024
Source details
- Canonical URL
- Papua New Guinea: Third Reviews under Extended Arrangement under the Extended Fund Facility and an Arrangement under the Extended Credit Facility, Request for Extension, Rephasing of Access, and Modification of Quantitative Performance Criteria, and Request for an Arrangement under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea
Other formats
Bibliographic details
- Published: December 17, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400295386.002
Overview
- Paper presents Papua New Guinea’s Third Reviews under Extended Arrangement under the Extended Fund Facility (EFF) and an Arrangement under the Extended Credit Facility (ECF), Requests for Extension, Rephasing of Access, and Modification of Quantitative Performance Criteria, and Request for an Arrangement under the Resilience and Sustainability Facility (RSF).
- ECF/EFF and RSF programs will continue to support Papua New Guinea’s reform agenda.
Economic outlook and key statistics
- Growth expected to increase to 4.5 percent in 2024.
- Growth expected to increase to 4.6 percent in 2025.
- Growth was 2.9 percent in 2023.
- Resumption of activities at the Porgera gold mine and improvements in access to foreign exchange are cited as supportive factors for the outlook.
Major findings and analytical priorities
- Country’s economic outlook remains positive, driven by mining activity and foreign exchange improvements.
- High vulnerability to climate change is highlighted as a critical factor for achieving poverty reduction and sustainable growth objectives.
- Emphasis on managing climate change impacts as essential to the authorities’ agenda.
Program objectives and policy focus
- Strengthening debt sustainability.
- Alleviating foreign exchange shortages.
- Fostering good governance.
- Building climate resilience.
- Protecting the vulnerable.
- Promoting inclusive and sustainable growth.
Subject coverage and keywords (as provided)
- Subject: Climate change, Climate finance, Environment, External debt, Public debt
- Keywords: Asia and Pacific, Climate change, Climate finance, EFF arrangement, EFF program, Global, government plan, Pacific Islands, PNG agriculture commercialization, PNG government, RSF arrangement, RSF reform agenda
Source: IMF Staff Country Report No. 2024/344 (December 17, 2024).
Content in this bundle
- 1pngea2024002-print-pdf