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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

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  • International Monetary Fund

Abstract

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 authorities’ reforms to address long-standing structural impediments to inclusive growth. The authorities have made progress in implementing reforms supported by the program, demonstrating continued commitment to program’s objectives. The tense political and social environment, culminating in civil unrest in January 2024, has affected the parliamentary calendar and delayed the adoption of laws.

Suggested Citation

  • International Monetary Fund, 2024. "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 Perform," IMF Staff Country Reports 2024/231, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2024/231
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