Following a three-day visit to Papua New Guinea, Bo Li, the managing deputy director of the International Monetary Fund (IMF), issued a statement. During his visit, he met with the country’s prime minister, governor of the Bank of Papua New Guinea, development partners, and representatives of civil society organizations.
Papua New Guinea is situated in Oceania, east of Indonesia. It encompasses the eastern half of New Guinea between the Coral Sea and the South Pacific Ocean, according to the World Fact Book. The island is rich in natural resources such as gold, copper, timber, oil, silver, natural gas, and fisheries. As per the World Fact Book's data, 2.6% of the island constitutes agricultural land while 63.1% is forested. The population stands at approximately 9,819,350.
"I am delighted to visit Papua New Guinea for the first time and witness firsthand the progress achieved in tackling long-standing impediments to growth and development," said Li in his March 1 statement released by the IMF following his visit. He further expressed gratitude towards Prime Minister Marape, Minister Ling-Stuckey, Governor Genia and the people of Papua New Guinea for their hospitality during his visit. "The government is making strides in implementing major structural reforms to put Papua New Guinea onto a path of strong, inclusive and resilient growth," Li continued.
Papua New Guinea became a member of IMF on October 9th 1975 and has since had seven arrangements with this organization. According to IMF's data on Papua New Guinea, there are around 12.534 million individuals residing in this country with an expected real GDP change projected at 5%, while prices are projected to change by 4.9%.
Li further emphasized the governmental budget repair strategy in his March 1 statement: "The implementation will help reduce debt vulnerabilities while freeing up more budgetary space to improve access to basic services and infrastructure and provide support to those who need it most." He also mentioned the Bank of Papua New Guinea's ongoing reforms to alleviate foreign exchange shortages, bring the kina closer to its market-clearing rate, and improve the business environment. "Progress has been made in improving governance and operationalizing the fight against corruption, including by establishing the Independent Commission Against Corruption," Li concluded.