PNG Government Accepts Grey Listing Financial Assessment, Moves to Tighten Economic Safeguards

 Papua New Guinea has formally accepted the findings linked to its grey listing financial assessment, with Prime Minister James Marape announcing that the PNG Government will act on all recommendations to strengthen the country’s economic safeguards and financial integrity.

The Prime Minister said the Government would not shift responsibility to past administrations but would instead focus on fixing the weaknesses identified in the system to protect the national economy from exploitation.

PNG Government Accepts Grey Listing Financial Assessment, Moves to Tighten Economic Safeguards

He stressed that addressing gaps in the financial framework was in PNG’s best interest, noting that economic growth efforts would be undermined if leakages and illegal financial activities were not properly controlled.

To drive reforms, Marape revealed that a high-level working group would coordinate the response, with an initial briefing involving the Governor of the Bank of Papua New Guinea, the Treasurer and other key economic agencies.

He also reaffirmed that constitutional bodies such as the Royal Papua New Guinea Constabulary, Independent Commission Against Corruption and the Ombudsman Commission operate independently and are mandated to detect, investigate and prosecute illegal financial activity.

According to the Prime Minister, many of the recommendations from the grey listing assessment have already been implemented, while the remaining actions are now being prioritised under the Government’s broader reconstruction agenda.

He further assured investors that PNG remains stable and committed to reform, describing the grey listing process as part of global monitoring aimed at strengthening financial systems. “Our investors will not run away. These are recommendations, and we will address them. Papua New Guinea will work its way out of the grey list and towards a trusted, credible financial standing,” Prime Minister Marape said.