Papua New Guinea : First Reviews under Extended Arrangement under the Extended Fund Facility and an Arrangement under the Extended Credit Facility, and Request for Modification of Quantitative Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Papua New Guinea

This paper focuses on Papua New Guinea's First Reviews under Extended Arrangement under the Extended Fund Facility (EFF) and an Arrangement under the Extended Credit Facility (ECF), and Request for Modification of Quantitative Performance Criteria. Papua New Guinea's economic outlook remains favorable. The medium-term outlook is positive but subject to both large upside and downside risks. The strong program performance recorded in the first six months of the ECF/EFF arrangements attests to the authorities' sustained commitment to reforms, successfully overcoming technical and institutional capacity constraints. Program performance has been strong, with all end-June 2023 performance criteria met and all structural benchmarks implemented. The program will continue to support Papua New Guinea's reform agenda, help protect the vulnerable and foster inclusive growth, with a focus maintained on strengthening debt sustainability, alleviating foreign exchange shortages, and enhancing governance and operationalizing the anti-corruption framework