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Papua New Guinea: 2011 Article IV Consultation: Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Papua New Guinea
Author:
International Monetary Fund
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2011: Issue 117
Language:
English
Publication Date:
25 May 2011
DOI:
https://doi.org/10.5089/9781455281589.002
ISBN:
9781455281589
ISSN:
1934-7685
Pages:
69
Keywords:
ISCR; CR; net incurrence; net acquisition; exchange rate; trust accounts closing balance; PNG authorities; financing activity; Inflation; Non-renewable resources; Commodity prices; Global
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Papua New Guinea showed solid economic growth, supported by greater political stability, fiscal framework, and a healthy banking sector. Executive Directors encouraged the authorities to consider tighter macroeconomic policies in the face of rising inflation pressures and also stressed the need of a tight fiscal policy. They welcomed the Sovereign Wealth Funds (SWF), and considered it important to integrate the use of resources in the SWF into the budget and macroeconomic framework, supported by strong fiscal institutions. Directors observed that Liquefied Natural Gas (LNG) and other resource projects provide an opportunity to raise long-term growth and living standards.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund