On behalf of our Papua New Guinea (PNG) authorities, we thank staff, management and the Executive Board for their continued support to PNG, especially during these challenging times.
PNG entered the pandemic with a fragile economy and limited fiscal space. In February, the authorities requested Fund assistance through a Staff Monitored Program (SMP) to support PNG’s economic reform program to address PNG’s key macroeconomic challenges.
Seeking support from the Fund, both through the SMP and now through emergency financing, is a significant step for the government. The authorities are grateful to have re-established positive engagement with the Fund and remain firmly committed to their reform efforts and are keen to establish a positive track record of policy implementation with the Fund.