{
  "title": "Papua New Guinea: Financial System Stability Assessment",
  "publication": "IMF Staff Country Reports, July 5, 2011",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/papua-new-guinea-financial-system-stability-assessment-25013",
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  "summary": "Papua New Guinea (PNG) was only mildly impacted on the financial front during the global crisis. Although the financial sector in PNG has been a source of strength in 2000, vulnerabilities exist and need to be carefully managed.",
  "publishDate": "2011-07-05",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Executive summary and systemic findings",
      "content": "- Papua New Guinea (PNG) was only mildly impacted on the financial front during the global crisis.\n- The financial sector in PNG has been a source of strength in 2000, but vulnerabilities exist and need to be carefully managed.\n- The development of local government securities markets is important for system stability.\n- Five years after the enactment of the Proceeds of Crime Act (POCA), there is still no legislation on terrorist financing."
    },
    {
      "heading": "Identified vulnerabilities and areas for attention",
      "content": "- Regulation and supervision:\n  - Important steps are needed to strengthen the regulation and supervision of the banking sector.\n  - Important steps are needed to strengthen the regulation and supervision of the insurance sector.\n- Market infrastructure:\n  - Development of local government securities markets is highlighted as important for system stability.\n- Legal and compliance framework:\n  - Despite enactment of the Proceeds of Crime Act (POCA), there is an absence of legislation on terrorist financing five years after POCA."
    },
    {
      "heading": "Policy recommendations (implicit from assessment)",
      "content": "- Strengthen regulatory frameworks and supervisory capacity for:\n  - Banking sector oversight.\n  - Insurance sector oversight.\n- Promote development of local government securities markets to enhance financial-system stability.\n- Adopt legislation addressing terrorist financing to complement the Proceeds of Crime Act (POCA)."
    },
    {
      "heading": "Key publication facts and identifiers",
      "content": "- Publication date: July 5, 2011\n- Pages: 48\n- Issue: 163\n- Series: Country Report No. 2011/163\n- DOI: https://doi.org/10.5089/9781455291694.002\n- ISBN: 9781455291694\n- ISSN: 1934-7685\n\nPapua New Guinea: Financial System Stability Assessment — July 5, 2011\n\n---\n\n Content in this bundle\n\n- cr11163\n  - cr11163 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr11163 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/papua-new-guinea-financial-system-stability-assessment-25013"
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    "Published: July 5, 2011",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781455291694.002",
    "Papua New Guinea (PNG) was only mildly impacted on the financial front during the global crisis.",
    "The financial sector in PNG has been a source of strength in 2000, but vulnerabilities exist and need to be carefully managed.",
    "The development of local government securities markets is important for system stability.",
    "Five years after the enactment of the Proceeds of Crime Act (POCA), there is still no legislation on terrorist financing.",
    "Regulation and supervision:",
    "Market infrastructure:",
    "Legal and compliance framework:",
    "Strengthen regulatory frameworks and supervisory capacity for:",
    "Promote development of local government securities markets to enhance financial-system stability.",
    "Adopt legislation addressing terrorist financing to complement the Proceeds of Crime Act (POCA).",
    "Publication date: July 5, 2011",
    "Pages: 48",
    "Issue: 163",
    "Series: Country Report No. 2011/163",
    "DOI: https://doi.org/10.5089/9781455291694.002",
    "ISBN: 9781455291694",
    "ISSN: 1934-7685",
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