Polye attends meet

National, Normal

The National, Friday October 11th, 2013

 TREASURER Don Polye (pictured), is in Washington for the annual general meeting of the International Monetary Fund and the World Bank.

Polye has been appointed chairman of the two bodies and will begin his official duties next year.

Finance and treasury ministers, central bank governors, academics and private sector executives attend the annual meeting.

In a statement, Polye said participants would discuss issues of global concern, including the world economic outlook, poverty reduction, economic development and aid effectiveness. 

“There are seminars, regional briefings, bilateral meetings and many other events focused on the global economy, international development and the world’s financial system,” he said.

“This is an important meeting that Papua New Guinea will participate in and learn from these global changes that are taking place. 

“We must be prepared to learn and adapt to global changes and trends impacting development, including innovation in appropriate policy and practice in financing, fiscal and monetary policy, cross cutting development issues such as gender and technology.”

He said PNG was a small but open economy “and, as such, must evolve in tandem with the global transformation to effectively and efficiently use our resources to maintain our economic growth and sustainable development”.

Polye said the IMF and World Bank were important development partners for Papua New Guinea. 

“Their immense experience and resources can be accessed to assist us to pursue our development challenges as we face global challenges and uncertainty.”

Polye presented PNG’s economic management report, particularly its fiscal and monetary policies, to the IMF.

“It was a rare moment for PNG when the IMF management provided a positive feedback on the national government’s economic management,” he said.

“It commended the government for pursuing appropriate policies and practices, with good governance principles to sustain the strong economic growth.”

He said the IMF was impressed with PNG’s establishment of the Sovereign Wealth Fund and allocating resources to key enablers such as education. 

“PNG is the only country among the Pacific Islands that has a medium term financing strategy and a medium term debt strategy embedded in a Fiscal Responsibilities Act to attain prudent fiscal and monetary policy outcomes.”

He said PNG had been asked to attend a regional meeting in Vanuatu with other nations next month.