APEC will boost PNG's Economy

Papua New Guinea Minister for Treasury Charles Abel is confident that the economic prospects for the country will be boosted with a rebound in resource prices and PNG hosting of APEC meetings this year.

“Through 2018 and beyond, with the rebound in resource prices, and as we move towards 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.

“The 2018 year will be very important for Papua New Guinea as we host more than 15,000 delegates, ministers and leaders from the APEC region.

“APEC provides an opportunity to showcase the trade and investment potential of Papua New Guinea.

“While also provides our economy with the opportunity to make a positive contribution to regional economic growth and development.”

Mr Abel said this when welcoming the 2017 Article IV country report from the International Monetary Fund, that provides analysis of economic governance in the nation, including the initial policy decisions of the new Government.

Referring to the latest IMF country report, Mr Abel said the Government, working through the Department of Treasury, has seen increased engagement with development partners including the IMF who provide 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,” the Deputy Prime Minister 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. Press Release