Papua New Guinea:Request for Disbursement under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea

Request for Disbursement under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea
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Volume/Issue: Volume 2020 Issue 211
Publication date: June 2020
ISBN: 9781513548708
$18.00
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Exports and Imports , Finance , Public Finance , ISCR , CR , PNG economy , government , PNG government , financial support , IMF financing support , PNG Treasurer , IMF lending tracker , COVID-19 , Global

Summary

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 generating balance of payments and fiscal gaps of 4 and 3 percent of GDP, respectively. In the near term, risks are primarily on the downside, especially if there is a widespread local outbreak of the virus. Papua New Guinea’s longer-term outlook remains positive, largely reflecting the likelihood of major resource sector projects.