{
  "title": "Papua New Guinea: Second Reviews Under Extended Arrangement Under the Extended Fund Facility and an Arrangement Under the Extended Credit Facility, and Request for Modification of Quantitative Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea",
  "publication": "IMF Staff Country Reports, July 18, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/07/17/papua-new-guinea-second-reviews-under-extended-arrangement-under-the-extended-fund-facility-552090",
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  "summary": "This paper presents Papua New Guinea’s Second Reviews under Extended Arrangement under the Extended Fund Facility under the Extended Credit Facility, and Request for Modification of Quantitative Performance Criteria.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- The paper presents Papua New Guinea’s Second Reviews under Extended Arrangement under the Extended Fund Facility under the Extended Credit Facility, and Request for Modification of Quantitative Performance Criteria.\n- The program performance recorded over the second review period continues to attest to the authorities’ strong commitment to reforms.\n- Authorities have successfully advanced the implementation of their reform agenda while overcoming technical and institutional capacity constraints.\n- The program will continue to support Papua New Guinea’s reform agenda, help protect the vulnerable, and foster inclusive growth."
    },
    {
      "heading": "Policy recommendations and priorities",
      "content": "- Fiscal consolidation should continue to address debt vulnerabilities.\n- Create fiscal space to meet development and climate adaptation needs.\n- Devise contingency plans to anticipate the possible materialization of fiscal risks, including from natural disasters.\n- Maintain focus on:\n  - Strengthening debt sustainability.\n  - Alleviating foreign exchange shortages.\n  - Enhancing governance and anti-corruption frameworks."
    },
    {
      "heading": "Program objectives and scope",
      "content": "- Support for reforms aimed at more resilient, inclusive and sustainable growth.\n- Continued assistance to protect vulnerable populations and foster inclusive growth through policy and institutional measures."
    },
    {
      "heading": "Thematic coverage (as listed)",
      "content": "- Anti-money laundering and combating the financing of terrorism (AML/CFT)\n- Credit\n- Crime\n- External debt\n- Money\n- Public debt\n- Revenue administration"
    },
    {
      "heading": "Keywords (as listed)",
      "content": "- Anti-money laundering and combating the financing of terrorism (AML/CFT)\n- Asia and Pacific\n- Credit\n- EFF arrangement\n- monetary policy reform\n- PNG kina\n- Policy discussion\n- reform agenda\n\n---\n\n Content in this bundle\n\n- 1pngea2024001-print-pdf\n  - 1pngea2024001-print-pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1pngea2024001-print-pdf (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 18, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400281105.002",
    "The paper presents Papua New Guinea’s Second Reviews under Extended Arrangement under the Extended Fund Facility under the Extended Credit Facility, and Request for Modification of Quantitative Performance Criteria.",
    "The program performance recorded over the second review period continues to attest to the authorities’ strong commitment to reforms.",
    "Authorities have successfully advanced the implementation of their reform agenda while overcoming technical and institutional capacity constraints.",
    "The program will continue to support Papua New Guinea’s reform agenda, help protect the vulnerable, and foster inclusive growth.",
    "Fiscal consolidation should continue to address debt vulnerabilities.",
    "Create fiscal space to meet development and climate adaptation needs.",
    "Devise contingency plans to anticipate the possible materialization of fiscal risks, including from natural disasters.",
    "Maintain focus on:",
    "Support for reforms aimed at more resilient, inclusive and sustainable growth.",
    "Continued assistance to protect vulnerable populations and foster inclusive growth through policy and institutional measures.",
    "Asia and Pacific",
    "EFF arrangement",
    "monetary policy reform",
    "PNG kina",
    "Policy discussion",
    "reform agenda",
    "**1pngea2024001-print-pdf**"
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