Asia and Pacific > Papua New Guinea

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Mr. Christopher Browne

Abstract

The Pacific island region has considerable potential for development, especially in the areas of tourism, fisheries, forestry, mining, and agriculture. However, these countries face many challenges to developing their economies and raising living standards, including their small size, distance from major markets, and vulnerability to natural disasters. The first half of this book provides an assessment of regional issues. The second half includes country-specific chapters, which provide an overview of each countries economic performance since independence and the main challenges ahead.

International Monetary Fund
Despite difficult political and economic circumstances, Papua New Guinea has made progress toward stabilization and structural reform under the program supported by the Stand-By Arrangement. Executive Directors welcomed these developments, and stressed the need to maintain fiscal and monetary stances, and accelerate structural reforms. They cautioned the authorities to remain vigilant over financial developments and implement additional corrective actions, if needed. They agreed that the country has completed the fourth review under the Stand-by Arrangement, and approved a waiver.
International Monetary Fund
This report describes Papua New Guinea's recent economic developments by assessing its output and price developments. The paper discusses the central government finances, tax and expenditure policies, the public sector reform program, and pension funds. The study also analyzes the institutional and operational aspects of the Bank of Papua New Guinea under the central banking act; instruments of monetary policy; and monetary policy and developments. The report reviews the nature and operation of the foreign exchange market, developments in the balance of payments, and external debt trends.
International Monetary Fund
Papua New Guinea showed satisfactory performance under the Stand-By Arrangement. Executive Directors commended the macroeconomic stabilization and structural reform, and emphasized the need to maintain fiscal and monetary stances. They appreciated the improved governance, transparency, and efficiency of the public sector, as indicated by the recent assessment of Papua New Guinea's observance of the code on fiscal transparency. They indicated the need to strengthen the technical and managerial capacity of the National Statistical Office, and noted the potential role of technical assistance in improving statistics.
Mr. Douglas A. Scott and Mr. Christopher Browne

Abstract

This book, by Christopher Browne with Douglas A. Scott, reviews the economic progress that Fiji, Kiribati, Papua New Guinea, Solomon Islands, Tonga, Vanuatu, and Western Samoa have made since independence. An overview of the region examines development strategies, external economic relations, the role of the private sector, and the evolution of financial structures. Seven country studies describe the main characteristics of each economy, analyze performance over the past decade, and provide detailed statistics suitable for cross-country comparison.