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IMF lauds Papua New Guinea Government's plan for sound economy

Staff Reporter 9/20/2017 | | |
The International Mone­tary Fund (IMF) is pleased with the bold steps taken by the Papua New Guinea  Government to ensure a sound economic management in the country.
IMF team leader Thomas Baunsgaard said the IMF was both supportive and pleased with the 25-point 100-day plan unveiled by the Government through Deputy Prime Minister and Minister for Treasury Charles Abel.

“It was very positive to see the Government take the bold, yet necessary steps to ensure sound macroeconomic and fiscal management, noting that it was both possible and important to make use of hard times to make sound structural improvements,” he said.
Mr Baunsgaard said this after presenting a technical assistance mission report on tax reforms in the country.
In response to a request from the Government of PNG, a technical assistance mission from the IMF fiscal affairs department visited PNG recently to advise on tax policy reform.
The mission provided an input for the formulation of a revenue stabilisation framework as part of the Government’s medium term fiscal strategy.

In closing out the mission, the review team presented their report to Mr Abel. “This report shall inform and contribute to the 100-day plan to kick start the Alotau Accord II, and provides several suggested measures for the 2018 Budget which we will now consider,” Mr Abel said.
“This work supports the development of informed and balanced Medium Term Revenue and Debt Strategies which will underpin our Medium Term Fiscal Stra­tegy (point 2 of our 25 -plan).
“Increasing confidence and managing our econo­my upwards requires simp­lifying and modernising our tax system (point 8 of our 25-point plan), this report adds value to work on achieving this. It also highlights possible areas for technical assistance and capacity building,” he said.
Mr Abel noted the comprehensive consultative process for compiling this report and thanked both the members of the technical assistance mission, state agencies (Treasury, IRC, National Planning, Department of Minerals and Geohazards, Mineral Resources Auth­ority, Department of Pet­roleum and Energy, National Research Institute, Kumul Minerals) and a number of PNG private sector associations and tax professionals.

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