{
  "title": "Papua New Guinea: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea",
  "publication": "IMF Staff Country Reports, December 3, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/12/03/papua-new-guinea-2018-article-iv-consultation-press-release-staff-report-and-statement-by-46432",
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  "summary": "The Papua New Guinea (PNG) economy has grown sluggishly in recent years, reflecting a combination of domestic and external factors. External factors have included adverse terms of trade movements, a drought, and, in 2018, a large earthquake.",
  "sections": [
    {
      "heading": "Macroeconomic overview and recent performance",
      "content": "- The Papua New Guinea (PNG) economy has grown sluggishly in recent years, reflecting a combination of domestic and external factors.\n- External shocks cited:\n  - adverse terms of trade movements,\n  - a drought,\n  - in 2018, a large earthquake.\n- Domestic constraints cited:\n  - difficult fiscal consolidation,\n  - a shortage of foreign exchange sustained by an overvalued exchange rate,\n  - import compression,\n  - weak investment in the non-resource sector."
    },
    {
      "heading": "Fiscal position and public debt",
      "content": "- Progress in 2017-18:\n  - the new government made important progress in narrowing the fiscal deficit,\n  - adopted a medium-term revenue strategy.\n- Current concerns:\n  - progress on fiscal consolidation has stalled,\n  - the debt-to-GDP ratio is well above the medium-term target."
    },
    {
      "heading": "Monetary and exchange rate developments",
      "content": "- Monetary authorities have begun to facilitate exchange rate adjustment and strengthen the monetary framework.\n- The report links the shortage of foreign exchange and an overvalued exchange rate to import compression and weak non-resource investment."
    },
    {
      "heading": "Policy analysis and recommendations",
      "content": "- Main macroeconomic challenges for the government:\n  - finish putting in place policies that will help promote economic stability,\n  - strengthen the long-term development framework.\n- Recommended policy approach:\n  - more ambitious fiscal consolidation coupled with faster exchange rate adjustment would yield favorable results.\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: December 3, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484388150.002",
    "The Papua New Guinea (PNG) economy has grown sluggishly in recent years, reflecting a combination of domestic and external factors.",
    "External shocks cited:",
    "Domestic constraints cited:",
    "Progress in 2017-18:",
    "Current concerns:",
    "Monetary authorities have begun to facilitate exchange rate adjustment and strengthen the monetary framework.",
    "The report links the shortage of foreign exchange and an overvalued exchange rate to import compression and weak non-resource investment.",
    "Main macroeconomic challenges for the government:",
    "Recommended policy approach:",
    "**Country Report**"
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