巴布亚新几内亚：根据扩展基金机制下的扩展安排和扩展信贷机制下的安排进行的第五次审查，要求放弃不遵守绩效标准，以及根据弹性和可持续性机制安排进行的二次审查新闻稿；员工报告；巴布亚新几内亚执行主任的发言

FIFTH REVIEWS UNDER THE EXTENDEDARRANGEMENT UNDER THE EXTENDED FUNDFACILITY AND THE ARRANGEMENT UNDER THEEXTENDED CREDIT FACILITY, REQUEST FOR A WAIVEROF NONOBSERVANCE OF PERFORMANCE CRITERION,AND SECOND REVIEW UNDER THE RESILIENCE ANDSUSTAINABILITYFACILITY ARRANGEMENT—PRESSRELEASE;STAFF REPORT;AND STATEMENT BY THEALTERNATEEXECUTIVE DIRECTOR FORPAPUA NEWGUINEA December 2025 In the context of theFifth Reviews Under the Extended Arrangement Under the ExtendedFund Facility and the Arrangement Under the Extended Credit Facility, Request for aWaiver of Nonobservance of Performance Criterion, and Second Review Under theResilience and SustainabilityFacility Arrangement, the following documents have beenreleased and are included in this package: •APress Releaseincluding a statement by the Chair of the Executive Board. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onDecember 12, 2025, following discussions that ended onOctober 8,2025, with the officials ofPapua New Guineaon economic developments and policiesunderpinning the IMF arrangement under theExtended Fund Facility,Extended CreditFacility, and Resilience and Sustainability Facility. Based on information available at thetime of these discussions, the staff report was completed onNovember 21, 2025. •AWorld Bank Assessment Letterfor the Resilience and Sustainability Facility. •AStatement by theAlternateExecutive DirectorforPapua New Guinea. TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public fromInternational Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.orgInternational Monetary FundWashington, D.C. IMF Executive BoardCompletestheFifth Reviews under theExtended Credit Facility (ECF)andExtended Fund Facility(EFF), and Second Review under the Resilience andSustainability Facility (RSF) for Papua New Guinea FOR IMMEDIATE RELEASE •TheExecutiveBoard completed theFifthReviews under the Extended Credit Facility(ECF) and Extended Fund Facility (EFF)arrangementsfor Papua New Guinea, providingthe country with immediate access to about US$165million. •The Executive Boardalso completed the Second Review under the Resilience andSustainability Facility (RSF) arrangement, making available about US$54million tosupport the authorities’ policies to address longer-term structural balance of paymentsvulnerabilities associated with climate change. •TheIMF-supportedprogramswill continue to support Papua New Guinea’shomegrownreform agenda,focusing onstrengthening debt sustainability, alleviating FX shortages,fostering goodgovernance,and building climate resilience,while protecting the vulnerableand promoting inclusive and sustainable growth. Washington, DC–December 12, 2025:The Executive Board of the International MonetaryFund (IMF) completedthe Fifth Reviews under the Extended Fund Facility (EFF) andExtended Credit Facility (ECF)arrangements, andtheSecond Review under the Resilienceand Sustainability Facility (RSF)arrangementfor Papua New Guinea.Thecompletion of thesereviews allowsfor the immediate disbursement of SDR121.07 million (about US$165million)under the ECF/EFFarrangementsand SDR39.48million (about US$54million) under theRSFarrangement, bringing total disbursements under theIMF-supportedprogramsso far toSDR622.48million (about US$851million). TheECF/EFF arrangements with Papua New Guineawere approved by the Executive Boardon March 22, 2023,in an overall amount equivalent to SDR 684.32 million (260 percent ofquota) to help address a protracted balance of payments need—manifested in foreignexchange shortages—and to support the authorities’ reforms to address longstandingstructural impediments to inclusive growth.The 24-month RSF arrangement, which wasapproved by the Executive Board on December 11, 2024, in an overall amount of SDR 197.4million (75 percent of quota), aims to help address risksto prospective balance of paymentsstabilityassociated with longer-term structural challenges posed by climate change. Papua New Guinea’seconomic outlook remains positive as structural reforms continue tobearfruit.Growthisprojectedtoreach4.5percent in 2025, driven byincreased production inthe resource sector and resilient growth in the non-resource sectorsupported byimprovements in access to foreign exchangeand favorable agricultural production. Headlineinflation is expected toreboundto3.8 percentin 2025from a very low base in 2024as thedrag fromthe lowbetelnutprices eases.Over the medium term, growth is expected to moderate and stabilize at just above 3 percent,driven mainlybycontinued expansionofnon-resource sectoractivities, with inflationconverging toaround 4.5 percent. The outlook is subject tohigh uncertainty,with risks t