Abel sees IMF report as positive for PNG

TREASURER and acting Prime Minister Charles Abel has welcomed the 2017 Article IV Country Report from the International Monetary Fund which provides analysis of economic governance in the nation.
The report included the initial policy decisions of the new government.
Abel highlighted positive growth projections for the economy through 2018, particularly as PNG prepares to host the Asia-Pacific Economic Cooperation summit this year.
Referring to the latest IMF country report, Abel said the government, working through the Department of Treasury, had seen increased engagement with development partners, including the IMF which provided important economic advice and support.
“The Article IV Report is frank in acknowledging the challenges facing the PNG economy but is predicting improvements in 2018 on the back of a 2.4 per cent growth in GDP, up from 2.2 per cent in 2017,” Abel said.
“The IMF recognises that this outlook does not factor in any of the emerging resource projects such as the Papua LNG, PNG LNG Project expansion, Stanley Gas, Wafi Golpu or Frieda River.”
He said economic prospects for the economy are positive and will be further boosted as PNG hosts Apec throughout the year.
“Through 2018 and beyond, with the rebound in resource prices, and as we move to the construction phase of the Papua LNG project, we can be confident but we must also
continue to exercise discipline starting with the delivery of the 2018 Budget.
“2018 will be important for PNG as we host more than 15,000 delegates from the Apec region.