- Written by Joe Barak Joe Barak
- Published: 23 November 2023 23 November 2023
The impacts of climate change have been exacerbated by the changing weather patterns in Papua New Guinea (PNG). Smallholder farmers have continued to be the most vulnerable to the worsening impacts of climate change. With the lack of reliable weather forecast and climate information in fragile natural environments, farmers are experiencing the full negative impacts of natural disasters.
- Written by Thomas Wangi Thomas Wangi
- Published: 04 September 2023 04 September 2023
The International Monetary Fund (IMF) approved Papua New Guinea (PNG) Government’s request for USD918 million loan under the Extended Credit Facility and the Extended Fund Facility program on 22 March 2023. The program aims to protect the domestic economy against shocks and promote inclusive growth over a period of 38 months. Specifically, the program focuses on three policy reforms: (i) strengthen debt sustainability through sustained fiscal consolidation; (ii) improve the operational framework of the Central Bank to reduce excess liquidity, remove exchange rate restriction and alleviate foreign exchange shortage; and (iii) enhance governance and operationalise the anti-corruption framework. Under the loan arrangement, the IMF has proposed to relevant government agencies to implement these policy reforms starting at the end of June 2023.
- Written by Dr. Lindsay P. Kutan Dr. Lindsay P. Kutan
- Published: 31 October 2022 31 October 2022
Amidst the recent economic crisis in Sri Lanka, a caution needs to be undertaken by Government of Papua New Guinea (GoPNG) regarding increasing public debt. It is important to note that public debt or commonly referred to as sovereign debt is essentially how much a country owes to lenders. Predominantly, public debt is derived from governments insatiable appetite to spend more than they receive from tax revenues over time.