31 Jan 2017

PNG yet to release IMF economic performance report for 2016

From , 7:02 am on 31 January 2017

An International Monetary Fund report on the performance of Papua New Guinea's economy in 2016 is yet to be released by the government despite reassurances last week from PNG's prime minister Peter O'Neill that it would be released soon.

The Bank of Papua New Guinea had earlier refused to approve the release of the 2016 Article IV report which the IMF completed in November last year.

In a statement the bank outlined six areas of concern including the IMF's calculation of PNG's debt-to-GDP ration, its months of import cover and  its foreign exchange market.

But Economist Paul Flanagan, who has worked with the PNG Treasury Department, and is now with the Australian National University, told Koroi Hawkins PNG's opposition to and withholding of the report reflects badly on both the government and the country's Central Bank.

Koroi Hawkins reports.

Papua New Guinea Prime Minister Peter O'Neill gives a talk at the Lowy Institute in Sydney on May 14, 2015

The Papua New Guinea Prime Minister Peter O'Neill. Photo: AFP / Peter Parks