{
  "title": "Papua New Guinea: Request for Disbursement under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea",
  "publication": "IMF Staff Country Reports, June 26, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/06/26/papua-new-guinea-request-for-disbursement-under-the-rapid-credit-facility-press-release-49536",
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  "summary": "The COVID-19 pandemic erupted just as the government was beginning to implement wide-ranging fiscal, foreign exchange, structural, and governance measures under a Staff-Monitored Program (SMP).",
  "sections": [
    {
      "heading": "Summary",
      "content": "- The COVID-19 pandemic erupted just as the government was beginning to implement wide-ranging fiscal, foreign exchange, structural, and governance measures under a Staff-Monitored Program (SMP).\n- The authorities have reaffirmed their commitment to these reforms.\n- The impact of the crisis is generating balance of payments and fiscal gaps of 4 and 3 percent of GDP, respectively.\n- In the near term, risks are primarily on the downside, especially if there is a widespread local outbreak of the virus.\n- Papua New Guinea’s longer-term outlook remains positive, largely reflecting the likelihood of major resource sector projects."
    },
    {
      "heading": "Main themes and findings",
      "content": "- Fiscal and policy context:\n  - Government began implementing fiscal, foreign exchange, structural, and governance measures under an SMP prior to the pandemic.\n  - Authorities reaffirmed commitment to those reforms despite the crisis.\n- Crisis impact:\n  - Balance of payments gap: 4 percent of GDP.\n  - Fiscal gap: 3 percent of GDP.\n- Risks:\n  - Near-term risks are primarily on the downside.\n  - A widespread local outbreak of COVID-19 would materially increase downside risks.\n- Outlook:\n  - Longer-term outlook is positive, reflecting the likelihood of major resource sector projects."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: COVID-19, Expenditure, External debt, Foreign exchange, Health, Public debt\n- Keywords: COVID-19, CR, financial support, Global, government, IMF financing support, IMF lending tracker, ISCR, PNG economy, PNG government, PNG Treasurer\n\nSource: Papua New Guinea: Request for Disbursement under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea (IMF Staff Country Reports 2020, 211).\n\n---\n\n Content in this bundle\n\n- 1pngea2020002\n  - 1pngea2020002 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1pngea2020002 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 26, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513548708.002",
    "The COVID-19 pandemic erupted just as the government was beginning to implement wide-ranging fiscal, foreign exchange, structural, and governance measures under a Staff-Monitored Program (SMP).",
    "The authorities have reaffirmed their commitment to these reforms.",
    "The impact of the crisis is generating balance of payments and fiscal gaps of 4 and 3 percent of GDP, respectively.",
    "In the near term, risks are primarily on the downside, especially if there is a widespread local outbreak of the virus.",
    "Papua New Guinea’s longer-term outlook remains positive, largely reflecting the likelihood of major resource sector projects.",
    "Fiscal and policy context:",
    "Crisis impact:",
    "Risks:",
    "Outlook:",
    "Subject: COVID-19, Expenditure, External debt, Foreign exchange, Health, Public debt",
    "Keywords: COVID-19, CR, financial support, Global, government, IMF financing support, IMF lending tracker, ISCR, PNG economy, PNG government, PNG Treasurer",
    "**1pngea2020002**"
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