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International Monetary Fund. Asia and Pacific Dept
Papua New Guinea (PNG) is a fragile state, vulnerable to recurrent shocks. A third wave of the COVID-19 pandemic is straining the healthcare system. Widespread vaccine hesitancy has contributed to very low uptake of the vaccines with about only 2 percent of the population fully vaccinated. Real GDP is estimated to rebound modestly to grow by 1.7 percent in 2021 after the downturn in 2020. Elections are due to take place in June 2022, and the formal campaign period will commence by end-April.
International Monetary Fund. Asia and Pacific Dept

DISCUSSIONS A Fiscal Policies: Strengthening Debt Sustainability B. Monetary and Exchange Rate Policies C. Strengthening the Central Banking Act D. Addressing Governance Challenges E. Improving Data Availability for Program Monitoring and Policy Formulation STAFF APPRAISAL BOX 1. Key Medium-Term Objectives and Measures of the SMP FIGURES 1. Real and External Sector Developments 2. Fiscal Developments 3. Monetary and Financial Sector Developments TABLES 1. Selected Economic Indicators, 2016—2026 2a. Summary Operations of the Central Government

International Monetary Fund. Asia and Pacific Dept

, and institutionalizing monetary financing of the government, though with a limit. These reforms will need to be buttressed with work to strengthen the BPNG’s financial, personal, and institutional autonomy; and improve internal controls and audit functions. D. Addressing Governance Challenges 24. The recently enacted Organic Law on the Independent Commission Against Corruption (ICAC) is facing a constitutional challenge . The ICAC Act bestows a new body with the power to investigate and pursue complex corruption cases and to carry out activities to deter