This was from the executive board of the International Monetary Fund (IMF), in consultation with PNG on November 29, 2016.
“As a commodity exporter, the PNG economy has been hit hard by the drop in world commodity prices and a major drought. The authorities have responded to these shocks through fiscal tightening and a combination of modest exchange rate depreciation and FX sales,” the board said in a statement.
“Strong economic growth driven by the start of the PNG LNG project, has tailed off amidst weak non-resource sector growth.
