Papua New Guinea: Staff Report for the 2003 Article IV Consultation and Request for an Extension of Repurchase Expectations
Volume/Issue:
Volume 2003
Issue 178
Publication date: June 2003
ISBN: 9781451831689
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Topics covered in this book
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Business and Economics , Banks and Banking , Exports and Imports , Economics- Macroeconomics , Public Finance , ISCR , CR , privatization receipt , below-the-line deficit estimate , government , deficit , staff appraisal , increase in inflation , below-the-line financing data , Government debt management , Budget planning and preparation , Pacific Islands
Summary
This paper assesses Papua New Guinea’s 2003 Article IV Consultation and a Request for an Extension of Repurchase Expectations. Since the mid-1990s, Papua New Guinea’s growth performance has been weak and poverty has increased owing to an unfavorable external environment, loose macroeconomic policies, and deep-seated structural impediments to growth. The IMF staff supports the authorities’ request to extend their repurchase expectations to the IMF in light of the weakness in Papua New Guinea’s balance-of-payments position and the deterioration in key external indicators mainly because of lower mineral exports over the medium term.
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