HON. James Marape, the Prime Minister
of Papua New Guinea, extends a warm welcome to the reopening of the International Monetary Fund (IMF) Resident Office in Port Moresby, marking its return after a 20-year absence. This significant milestone was celebrated during a press conference attended by Prime Minister Marape and Bo Li, the Deputy Managing Director of the IMF.
The resurgence of the IMF Resident Office underscores the enduring partnership between
Papua New Guinea and the International Monetary Fund, aimed at fostering economic stability and growth for the nation.
Expressing gratitude, Prime Minister Marape welcomes Mr. Li back to PNG, emphasizing
the pivotal role of the economy in sustaining the country. He underscores the importance
of a robust, resilient economy benefiting from sustained growth and stability.
Prime Minister Marape highlights the value of multilateral partnerships, noting Papua New Guinea’s privilege in hosting various multilateral partners, including the IMF. He emphasizes that the presence of the IMF, alongside other key partners like the World Bank and Asian Development Bank, signifies comprehensive support for PNG’s economic
development.
Reflecting on his government’s proactive approach, Prime Minister Marape explains
their invitation to the IMF to reestablish its office in Port Moresby. This move aims to
ensure transparent and accountable assessments of the country’s economic policies
and performance. He reiterates the government’s commitment to seeking advice and
assistance for unbiased evaluations.
The collaborative efforts between the PNG government and the IMF over the past four
years have led to a concerted restructuring of the economy, showing initial signs of improvement. Prime Minister Marape expresses optimism about the country’s progress
while acknowledging the journey ahead.
Additionally, Prime Minister Marape highlights Papua New Guinea as a country with
a robust democracy, facing challenges while striving to become a stronger, free-market
capital economy that nurtures business growth.
The recent reopening of the International Monetary Fund (IMF) Resident Office in
Port Moresby marks a pivotal moment for Papua New Guinea’s economic trajectory.
Prime Minister Hon. James Marape’s warm welcome to this event underscores the significance of international partnerships in fostering economic stability and growth.
Papua New Guinea’s economy, like many others, faces challenges and opportunities.
The return of the IMF after a two-decade hiatus symbolizes a renewed commitment to
collaboration and transparency in shaping the nation’s economic policies.
The Prime Minister’s proactive approach in inviting the IMF back to Port Moresby
reflects a dedication to accountability and prudent governance. By seeking impartial
assessments of economic policies, the government demonstrates a willingness to prioritize
the long-term prosperity of its citizens over short-term political gains.
The IMF’s presence, alongside other multilateral partners like the World Bank and
Asian Development Bank, forms a robust support system for Papua New Guinea’s economic
development initiatives. This collaboration not only provides valuable expertise and resources but also enhances the country’s credibility on the global stage.
Over the past four years, the partnership between the PNG government and the IMF
has yielded tangible results, with efforts to restructure the economy showing promising
signs of progress. However, there is still much work to be done.
Moving forward, it is imperative for Papua New Guinea to leverage this partnership effectively, capitalizing on the IMF’s guidance to implement sustainable economic policies.
By embracing transparency, accountability, and collaboration, Papua New Guinea
can pave the way for a brighter economic future for generations to come.
The reopening of the IMF Resident Office is not just a symbolic gesture; it is a tangible
step towards realizing Papua New Guinea’s economic potential. As we navigate the challenges ahead, let us seize this opportunity to build a stronger, more resilient economy
that benefits all Papua New Guineans.
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