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, but the impact of the crisis is...

Papua New Guinea showed satisfactory performance under the Stand-By Arrangement. Executive Directors commended the macroeconomic stabilization and structural reform, and emphasized the need to maintain fiscal and monetary stances. They appreciated the improved governance, transparency, and...

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...

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...

Background. On March 22, 2023, the IMF Executive Board approved 38-month Extended Credit Facility (ECF) and Extended Fund Facility (EFF) arrangements with Papua New Guinea to help address a protracted balance of payments need manifested in foreign exchange shortages and to support the...

Despite difficult political and economic circumstances, Papua New Guinea has made progress toward stabilization and structural reform under the program supported by the Stand-By Arrangement. Executive Directors welcomed these developments, and stressed the need to maintain fiscal and monetary...