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Business and Economics > Public Finance

You are looking at 1 - 10 of 117 items for :

  • Type: Journal Issue x
  • Papua New Guinea x
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Cover High-Level Summary Technical Assistance Reports
Papua New Guinea: Climate Public Investment Management Assessment – CPIMA
Nicoletta Feruglio
,
Bryn Welham
,
Paul G Seeds
, and
Murray Petrie
An IMF team conducted a Climate Public Investment Management Assessment in Papua New Guinea. This analysis identified some emerging areas of effectiveness related to management of public investment from a climate perspective, but also identified many key weaknesses throughout the public investment cycle that affect efficiency and effectiveness of infrastructure delivery in the face of climate change related challenges. The mission team identified three urgent priority and eight high priority recommendations to improve public investment management from a climate change perspective.
Keywords:
Public investment management; climate change; Papua New Guinea; climate adaptation; public infrastructure; capital expenditure; IMF team; priority recommendation; climate Public Investment Management Assessment; management regulation; SOE oversight framework; C-PIMA evaluation; Climate finance; Public Investment Management Assessment (PIMA); Climate policy; Global
Cover IMF Staff Country Reports
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
International Monetary Fund. Asia and Pacific Dept
This 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). Papua New Guinea’s economic outlook remains positive, with growth expected to increase to 4.5 percent in 2024 and 4.6 percent in 2025 from 2.9 percent in 2023, supported by the resumption of activities at the Porgera gold mine and improvements in access to foreign exchange. Given the country’s high vulnerability to climate change, managing its impact is critical to the success of the authorities’ poverty reduction and sustainable growth agenda. The ECF/EFF and RSF programs will continue to support Papua New Guinea’s reform agenda, focusing on strengthening debt sustainability, alleviating foreign exchange shortages, fostering good governance and building climate resilience, while protecting the vulnerable and promoting inclusive and sustainable growth.
Keywords:
RSF reform agenda; PNG government; EFF arrangement; EFF program; RSF arrangement; government plan; PNG agriculture commercialization; Climate change; Climate finance; Global; Pacific Islands; Asia and Pacific
Cover Technical Notes and Manuals
Revenue Authorities and their Boards of Management: Recent Developments
William Joseph Crandall
,
Elizabeth Gavin
,
Maureen Kidd
, and
Andrew R Masters
This technical note provides detailed and updated information on the semi-autonomous Revenue Authority (RA) governance model for revenue administration, a model developed 40 years ago and used by some 35 administrations world-wide. The update is provided through a review of relevant legislation, questionnaire results, and outcomes of a series of seminars. The RA governance model has a unique governance structure that includes a Minister, a board of management, and a Chief Executive Officer - three partners. RAs are set up using specific enabling legislation. Clarity in the language used in the law is critical for establishing the exact roles of the three partners. The board of management is unique in that it usually has a more limited role (due in part to the confidentiality of individual taxpayer information) than a board of directors in a private sector corporation. Emerging issues with these boards are examined, and it is noted that some see the RA board role as becoming more closely aligned with private sector boards of directors. RAs were initially founded on the belief that more nimble HR practices and appropriate funding would result in more robust revenue administration. While it is difficult to establish direct causality between the adoption of the RA governance model and improved revenue administration, practitioners are convinced this is the case and that the HR and funding advantages need to be protected.
Keywords:
Semi-autonomous Revenue Authorities; institutional arrangements for revenue administration; governance model; board of management; management autonomy; RA governance model; RA board role; semi-autonomous revenue authority; board chair; RA board; Revenue laws; Semi-autonomous revenue bodies; Tax administration core functions; Revenue administration transparency and accountability; Australia and New Zealand; Africa; Global; Sub-Saharan Africa
Cover IMF Working Papers
The Role of IMF Arrangements in Restoring Access to International Capital Markets
Joseph Kogan
,
Romina Kazandjian
,
Shijia Luo
,
Moustapha Mbohou
, and
Hui Miao
Using a database of emerging market fundamentals and bond index spreads across 56 frontier and emerging market countries rated below investment grade during the period 2002-22, we assess whether IMF arrangements can restore access to international capital markets (ICM) for countries in distress through liquidity and conditionality channels. We find that global financial conditions and debt/GDP are the most important determinants of access to ICM within the horizon of a typical IMF arrangement. Using an event study methodology, we show that spreads increase prior to the start of an IMF arrangement and then decrease gradually. By exploiting different characteristics of IMF arrangements, we find evidence that the reforms implemented under the IMF arrangement, as measured by rounds of successful IMF reviews, matter more in the medium term than the IMF’s role as a liquidity provider. These results are consistent with our analysis of 55 credit rating upgrades to ICM access levels, which suggests that debt reduction plays the largest role and that IMF arrangements lend credibility to reforms.
Keywords:
International capital markets; market access; IMF; debt crisis; debt rescheduling; default; sovereign debt; sovereign debt restructuring; sovereign bonds; Eurobonds; IMF arrangement; IMF review; IMF working paper 2024/173; capital markets department; IMF effect; Credit ratings; Bonds; Current account balance; Global
Cover IMF Staff Country Reports
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
International Monetary Fund. Asia and Pacific Dept
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. The authorities should now build on these achievements and sustain their reform efforts toward more resilient, inclusive and sustainable growth. In order to address debt vulnerabilities, fiscal consolidation should continue, while creating fiscal space to meet development and climate adaptation needs and devising contingency plans to anticipate the possible materialization of fiscal risks, including from natural disasters. The program performance recorded over the second review period continues to attest to the authorities’ strong commitment to reforms. They 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, with a focus maintained on strengthening debt sustainability, alleviating foreign exchange shortages, and enhancing governance and anti-corruption frameworks.
Keywords:
EFF arrangement; PNG kina; Policy discussion; reform agenda; monetary policy reform; Credit; Anti-money laundering and combating the financing of terrorism (AML/CFT); Asia and Pacific
Cover High-Level Summary Technical Assistance Reports
Papua New Guinea: Government Finance and Public Sector Debt Statistics Mission (August 2 – 15, 2023)
Barend C De La Beer
and
Eduard Moskalenko
The International Monetary Fund’s mission to Papua New Guinea sought to revitalize the development of fiscal and debt statistics following a period of disruption caused by a ransomware attack, Covid-19, and high staff turnover. To that end, the mission provided a combination of formal training and technical assistance on the priority development areas, notably on the resolution of the general data quality issues, the expansion of the statistical coverage to the provincial tier of government, and the compilation of debt statistics for the state-owned enterprises.
Keywords:
General government; government finance statistics; public debt; public sector debt statistics; statistics mission; SOE debt statistics; mission to Papua New Guinea; data limitation
Cover IMF Staff Country Reports
Papua New Guinea: First 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
International Monetary Fund. Asia and Pacific Dept
This paper focuses on Papua New Guinea’s First Reviews under Extended Arrangement under the Extended Fund Facility (EFF) and an Arrangement under the Extended Credit Facility (ECF), and Request for Modification of Quantitative Performance Criteria. Papua New Guinea’s economic outlook remains favorable. The medium-term outlook is positive but subject to both large upside and downside risks. The strong program performance recorded in the first six months of the ECF/EFF arrangements attests to the authorities’ sustained commitment to reforms, successfully overcoming technical and institutional capacity constraints. Program performance has been strong, with all end-June 2023 performance criteria met and all structural benchmarks implemented. The program will continue to support Papua New Guinea’s reform agenda, help protect the vulnerable and foster inclusive growth, with a focus maintained on strengthening debt sustainability, alleviating foreign exchange shortages, and enhancing governance and operationalizing the anti-corruption framework.
Keywords:
outturns data; liquidity management reform; EFF arrangement; staff appraisal; FX policy operation; Debt sustainability analysis; Global; Asia and Pacific
Cover Policy Papers
FY2024-FY2026 Medium-Term Budget
International Monetary Fund. Office of Budget and Planning
FY2024-FY2026 Medium-Term Budget
Keywords:
budget framework; administrative budget; external funding; capital budget; A. budget overview; management fee; augmentation framework; Medium-Term capital budget; Budget planning and preparation; Budget execution and treasury management; Digital currencies; Global
Cover IMF Staff Country Reports
Papua New Guinea: Requests for an Arrangement under the Extended Credit Facility and an Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for the Papua New Guinea
International Monetary Fund. Asia and Pacific Dept
This paper presents Papua New Guinea’s Requests for an Arrangement under the Extended Credit Facility (ECF) and an Extended Arrangement under the Extended Fund Facility (EFF). The 38-month arrangement will support Papua New Guinea’s reform agenda, which seeks to help protect the vulnerable and foster inclusive growth. The reforms will focus on strengthening debt sustainability, alleviating foreign exchange shortages, and enhancing governance and operationalizing the anti-corruption framework. The medium-term outlook is positive: there are good prospects of new investments in the resource sector, which would boost growth, exports, and fiscal revenue collection. The ECF/EFF arrangements will help address balance of payment needs and rebuild the buffers needed to facilitate a gradual and orderly return to greater exchange rate flexibility. The program will also go toward financing the budget, thereby supporting the authorities’ ambitious fiscal consolidation plans while avoiding a disruptive adjustment. It is also expected to play a catalytic role with other development partners. Given the institutional and technical capacity constraints faced by the authorities, reform measures supported by the program are streamlined, focused, and will be carefully sequenced. Timely capacity development and advice from the IMF will support reform implementation throughout the duration of the program.
Keywords:
EFF arrangement; FX shortage; PNG economy; reform agenda; IMF resident representative; debt vulnerability; Government finance statistics; External sector statistics; Global; Asia and Pacific
Cover IMF Staff Country Reports
Papua New Guinea: 2022 Article IV and the Staff Monitored Program-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea
International Monetary Fund. Asia and Pacific Dept
Papua New Guinea (PNG)’s economy is weathering the pandemic well, despite many challenges. Real GDP in 2022 is projected to exceed its 2019 level, and the medium-term outlook is positive, supported by investment in (and revenues from) the resource sector. The war in Ukraine is impacting PNG through higher commodity prices and higher inflation, with the former leading to a stronger balance of payments and higher fiscal revenues, since PNG is a large commodity producer. Risks remain skewed to the downside and include a worsening health situation given the low vaccination rate, volatility in commodity prices, and political instability.
Keywords:
PNG government; PNG LNG project; bank PNG; cashflow management; PNG parliament; Debt sustainability analysis; Government finance statistics; External sector statistics; Global; Pacific Islands; Asia and Pacific; Western Hemisphere