Papua New Guinea remains at high risk of debt stress: IMF

News that matter in Papua New Guinea

For image info, go to https://www.imf.org/en/Countries/PNG

Papua New Guinea remains at high risk of debt stress: IMF

PORT MORESBY: Papua New Guinea (PNG) remains at high risk of debt stress under the low-income country debt sustainability framework, with weak debt-carrying capacity, according to the World Bank International Monetary Fund (IMF).

IMF reported “planned fiscal consolidation helps address debt vulnerabilities exacerbated by the global Coronavirus (Covid-19) shock, (and) public debt distress continues to be assessed as high”.

The news break was published by The National:

PNG remains at high risk of debt distress: Study

October 27, 2022The NationalMain Stories

THE country remains at high risk of debt distress under the low-income country debt sustainability framework, with weak debt-carrying capacity, a study has revealed.
According to a World Bank-International Monetary Fund debt sustainability analysis, “planned fiscal consolidation helps address debt vulnerabilities exacerbated by the global Covid-19 shock, (and) the risk of both external and public debt distress continues to be assessed as high”.
“However, over the medium-term, public debt enters a downward trend and the projected temporary breaches of sustainability indicators can mostly be addressed by debt management operations as well as improvements in revenue generation,” it said.
The Debt Sustainability Analysis (DSA) suggests that PNG is susceptible to exports and other shocks, signaling downside risks to the debt outlook in a global environment of high uncertainty.
“To lower the risk of debt distress and ensure debt sustainability, gradual fiscal consolidation, including boosting revenues, and steadfast structural reforms to promote private sector growth would be needed. Conditional on the implementation of the authorities’ plans for further fiscal consolidation and conservative financing strategies, PNG’s external and overall debt is judged as sustainable.”

Comments

Post a Comment

Popular posts from this blog

Growing unemployment rate in Papua New Guinea

Image
News that matter in Papua New Guinea Growing unemployment rate in Papua New Guinea (Employment stagnant since 2014) PORT MORESBY: Employment in Papua New Guinea (PNG) has remained stagnant since 2014 with millions of unemployed looking for jobs. The formal job market currently can only accommodate between 400,000 and 500,000, Institute of National Affairs executive director Paul Barker says. “As more young people enter the job market this year after graduating from tertiary institutions and schools, the chances of securing formal employment is slim. “Employment had remained stagnant despite the increase in potential workers coming out of educations institutions,” he added. Read on for more details as published by The National : Hard to get jobs January 27, 2022 The National Main Stories By DALE LUMA MILLIONS of eligible workers around the country are looking for jobs in the formal sector, which currently can ...
Read more

Sugu Valley tribal war death toll rises to at least 30

Image
News that matters in Papua New Guinea Armed tribal warriors on the move in Sugu Valley. Sugu Valley tribal war death toll rises to at least 30 PORT MORESBY: At least six tribes have been fighting in Sugu Valley (Kagua-Erave, Southern Highlands) since Feb 10, 2019, without any signs of an end and peace. In fact, the death toll has risen to at least 30, up from 11 on May 23, 2019, and the opening of a new battlefront in Sumbura near Poroma with multiple deaths reported in 24 wards. Armed tribal warriors on the march into the forests and jungles. PNG Cyber Monitor had on a May 25, 2019, posting ( https://pngcybermonitor.blogspot.com/2019/05/real-life-rifles-bows-and-arrows-bloody.html Real life rifles, bows and arrows bloody fights in PNG ) highlighted the bloody battle waged by tribal warriors armed with rifles, bows and arrows and knives. PNG Cyber Monitor is again highlighting the plight of the villagers who have been living in fear as reported by The Nationa...
Read more

Sorcery shame for Papua New Guinea in X’mas

Image
News that matter in Papua New Guinea Sorcery tortures and violence are still being practised in Papua New Guinea in this 21st Century digital era. Sorcery shame for Papua New Guinea in X’mas PORT MORESBY: It was international shame for Papua New Guinea (PNG) this Christmas when sorcery reared its ugly head. Six women were stripped, bound to poles and burnt with hot knives as they screamed in pain, watched by an unsympathetic crowd. In a video that has gone viral in the internet, the women were accused of practising sorcery in Southern’s Enga. Police Comm David Manning described the sorcery torture as vile, inhumane, uncivilised, void of any human decency. “Papua New Guinea cannot progress without letting go of these horrific traditional beliefs. We have launched an urgent probe into the incident in Aiya’s Pawayamo village in Kagua-Erave.” The news break was published by The National : Horror torture of women Decem...
Read more