The International Monetary Fund (IMF) has expressed satisfaction with Papua New Guinea’s progress in meeting the conditions of its loans.

The IMF recently approved loans specifically for governance-related programmes, including auditing of government spending and supporting the Independent Commission Against Corruption (ICAC).

Speaking at the official press conference announcing the 2023 outlook in Singapore, Shanaka Peiris, IMF Division Chief of Regional Studies, Asia Pacific, confirmed that most programme conditions have been met and performance has been good.

The Bank of Papua New Guinea’s modernisation of monetary policy operations, the gradual depreciation of the currency and measures to address effects shortages have also been noted positively.

The IMF is looking forward to progress being made by the ICAC following the swearing in of the Commissioner and deputy Commissioner.

Overall, the IMF is satisfied with PNG’s reforms and progress made so far in terms of meeting loan conditions.

“I mean, just on the effects and the monetary policy, you know that the Bank of Papua New Guinea has modernised its monetary policy operations and has allowed the gradual depreciation and you know, that’s a part of the programme, and its things are on track, as Chris mentioned, most of the conditions have been met at the programme the performance has been very good,” Peiris said.

“So we are expecting a conclusion and they have taken measures to try to address the effect shortages as well.

“And then on the you know, given the Independent Commission, anti-corruption, the Commissioner Deputy Commission has been sworn in and you know, we are looking forward to progress on it for now. Everything seems to be on track,” he said.