IMF approves $125m immediate access for Papua New Guinea's Extended Credit Facility and Extended Fund Facility, forecasting 4.6% growth in 2023.
The International Monetary Fund (IMF) provided Papua New Guinea (PNG) with immediate access to about US$125 million (K487.7 million) following its executive board's second review, part of the SDR684.3 million (US$918 million and PGK3.5 billion) under the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) PNG requested and was approved in March. The positive economic outlook forecasts growth to increase to 4.6% from 2.9% in 2023, supported by the resumption of activities at the Porgera gold mine and favorable commodity prices.
July 14, 2024
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