Description

This report summarizes the results of a Public Investment Management Assessment of Papua New Guinea (PNG), conducted by the International Monetary Fund's Fiscal Affairs Department at the request of PNG's Department of Treasury. It evaluates PNG's public investment trends, institutional frameworks, and efficiency in managing public capital projects amid constrained fiscal space and ambitious development goals. The findings highlight challenges in budgeting, project appraisal, coordination, execution, and general capacity constraints; compounded by somewhat fragmented legal frameworks and weak integration of climate change considerations. The report recommends reforms to establish a credible capital budget, improve medium-term capital budgeting, prioritize existing projects in execution, ensure timely cash releases, and consolidate public investment management regulations. It also sets a longer-term agenda to strengthen sector planning, the monitoring of projects, capital asset management, and strengthened consideration of climate resilience.

More publications in this series: High-Level Summary Technical Assistance Reports