Prime Minister Hon. James Marape today led a high- level economic briefing in Port Moresby ahead of tomorrow’s vote-of-no-confidence, bringing together Cabinet ministers, governors, MPs, departmental heads, and international financial institutions to assess Papua New Guinea’s economic outlook and guide national spending priorities.

The “PNG and World Economic Update” featured presentations from the International Monetary Fund (IMF), World Bank, Asian Development Bank (ADB), Bank of Papua New Guinea, and the Departments of Treasury, Finance and National Planning.

Prime Minister Marape stressed the importance of transparency and coordination in public spending, and reaffirmed his directive for all development and recurrent fund transfers to be fully disclosed to governors and MPs.

“We must move forward together. Everyone must know what is being spent and where,” he said.

Key highlights from the programme included:

•   IMF Resident Representative Mr Sohrab Rafiq outlining global economic trends and the need for fiscal discipline;

•  World Bank Country Manager Mr Khwima Nthara emphasising inclusive growth and infrastructure investment;

•   ADB Country Director Mr Said Zaidansyah presenting on development financing and implementation sequencing;

•   Updates from BPNG on monetary policy and financial stability;

•  A budget review by the Departments of Treasury, Finance and National Planning.

During the session, the IMF, ADB, World Bank, and Bank of Papua New Guinea commended Papua New Guinea for its prudent economic management, citing continued progress in fiscal consolidation, an improved balance of payments, and notable steps taken to alleviate foreign exchange constraints.

Prime Minister Marape noted: “With global headwinds of economic downturn as a result of global trade wars happening, as a country we must be prepared for adjustments if need be.”

Prime Minister Marape concluded by calling on all leaders to work in unity, saying: “The global outlook is challenging, but with discipline, honesty, and shared responsibility, we will stay the course and deliver for our people.”