02315cas a2200241 a 4500 AALejournalIMF018934 230101c9999 xx r poo 0 0eng d 5.00 USD 9781484388150 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. Asia and Pacific Dept. Papua New Guinea : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea. Washington, D.C. : International Monetary Fund, 2018. 1 online resource (71 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The Papua New Guinea (PNG) economy has grown sluggishly in recent years, reflecting a combination of domestic and external factors. External factors have included adverse terms of trade movements, a drought, and, in 2018, a large earthquake. Domestic factors have included a difficult fiscal consolidation and a shortage of foreign exchange, sustained by an overvalued exchange rate, leading to import compression and weak investment in the non-resource sector. The main macroeconomic challenges for the government are to finish putting in place policies that will help promote economic stability, and to strengthen its long-term development framework. In 2017-18, the new government made important progress in narrowing the fiscal deficit, and adopted a medium-term revenue strategy. But progress on fiscal consolidation has stalled, and the debt-to-GDP ratio is well above the medium-term target. Monetary authorities have begun to facilitate exchange rate adjustment and strengthening of the monetary framework. Stronger economic policies, involving more ambitious fiscal consolidation coupled with faster exchange rate adjustment would yield favorable results. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2018/352 Full text available on IMF http://elibrary.imf.org/view/journals/002/2018/352/002.2018.issue-352-en.xml IMF e-Library