Papua New Guineahasthe best policy guideline for socio-economic development inthe Pacific.
This was revealed during a conference in Port Vila, Vanuatu.
The conference was attended by Treasury Minister and Chairman ofWorld Bank, Don Polye.
Minister Polye told senior economic officials, donor partners and economic ministers that similar policies will be formulated on Global Risk Mitigation, Climate Impact security and Global infrastructure Fund.
He challenged both advanced and fragile economies to uphold principles of fiscal discipline by encouraging trade and business inthe region to strenthen financial growth to build a resilient economic prosperity.
Polye added thaPNG was an emerging economy inthe Asia Pacific Region citing that growth was driven by its Fiscal Responsibility ActoMedium Term Fiscal Policy and political stability.
IMF Deputy Managing Director Min Zhu commendePNG for its progress inthe ExtractiveIndustry Transparency initiative andthe Sovereign Wealth Fund among thers.
Minister Polye was satisflied with outcomes ofthe conference and learnt many lessons that can add value to unlocPNG’s growth potential.Caption: IMF Deputy Managing Director Min Zhu…Photo Source: flicker.com