Papua New Guinea
This article was added by the user . TheWorldNews is not responsible for the content of the platform.

IMF confirms PNG doing well

TREASURER Ian Ling-Stuckey has announced that the International Monetary Fund (IMF) confirmed Papua New Guinea was doing well on economic reforms.

Ling-Stuckey who is in Washington, said according to reports PNG has been meeting the economic reform benchmarks agreed with the IMF at the start of the year.

“We have invited the IMF in to provide their expertise and credibility to support PNG’s own economic reform priorities.

And as we finalise the processes of this first review over the next two months, PNG stands to benefit from the release of further K330 million in good, cheap, international budget support for the 2023 budget” he said.

“The IMF team indicated that they had greatly enjoyed the visit.

They had the chance to join in PNG’s 48th Independence Day celebrations.

In particular, they highlighted the fascinating and diverse cultural displays at the Pacific Adventist University on Independence Day – even if the cultural welcome of threatened release of arrows by the Asaro Mudmen was a bit scary!

“PNG has been meeting the economic reform benchmarks agreed with the IMF at the start of the year.

Indeed, of the 18 benchmarks set out in my presentations to Parliament, 17 have been met and one has had a minor delay as the updated Medium-Term Revenue Strategy has been agreed to by the Ministerial Economic Sub-Committee of the NEC, but not considered yet by the NEC itself.