After 20 years, the International Monetary Fund (IMF) reopened its office in the country.
The IMF Deputy Managing Director Bo Li who flew into Papua New Guinea for the first time, reopened the IMF office at the Kina Bank Centre situated at the Harbor City, Downtown, Port Moresby.
Deputy Managing Director Li said a drop in global commodity prices brings some downside risks, but upside risks include prospects for new investment in the resource sector, which would help boost growth, exports, and fiscal revenue.
During a press conference with the IMF Deputy Managing Director Li, Prime Minister James Marape said the reopening of the IMF Office in Port Moresby is a testament to the enduring partnership between Papua New Guinea and the International Monetary Fund, aimed at fostering economic stability and growth for the nation.
Prime Minister expressed his gratitude and welcomed Mr Li back to PNG, emphasizing the pivotal role of the economy in sustaining the country.
Highlighting the value of multilateral partnerships, Prime Minister Marape said, “Papua New Guinea is privileged to have all the multilateral partners in the country, and with the return of IMF, the economy will be supported and stabilized.”
Prime Minister pointed out that the presence of IMF, alongside other critical partners like the World Bank and Asian Development Bank, signifies a comprehensive support system for PNG’s economic development.
