Monday 4 March 2024
Prime Minister James Marape with IMF Deputy MD Bo Li (left) and Minister Assisting on Treasury Hon. Ian Ling-Stuckey. (picture credit: PM’s Media).
Prime Minister Hon. James Marape has warmly welcomed the historic reopening of the International Monetary Fund (IMF) Resident Office in Port Moresby, marking its return after 20 years of absence.
This significant event was highlighted in a press conference held by the Prime Minister alongside the IMF’s Deputy Managing Director, Bo Li, last Thursday 29 February, 2024.
The reopening of the IMF Resident Office in Port Moresby is a testament to the enduring partnership between Papua New Guinea and the International Monetary Fund, aimed at fostering economic stability and growth for the nation.
Prime Minister Marape expressed his gratitude and welcomed Mr. Li back to PNG, emphasising the pivotal role of the economy in sustaining the country. “I thank you and welcome you to PNG once again,” he stated, underscoring the importance of a strong, resilient economy that benefits from growth and stability.
Highlighting the value of multilateral partnerships, Prime Minister Marape said, “Papua New Guinea is privileged to have all the multilateral partners in the country, and with the return of IMF, the economy will be supported and stabilised.”
He described the presence of IMF, alongside other critical partners like the World Bank and Asian Development Bank, as signifying a comprehensive support system for PNG’s economic development.
Prime Minister Marape reflected on his government’s proactive approach to invite the IMF to reestablish its office in Port Moresby, aiming to ensure a transparent and accountable assessment of the country’s economic policies and performance.
“In case people think Jame Marape and Ian Ling-Stuckey’s benchmark of the economy is from a political spectrum, we told IMF to come and assist, assess, look, and advise us,” he said.
Over the past four years, the collaboration between the PNG government and the IMF has led to a concerted effort to restructure the economy, with signs of improvement beginning to emerge.
Prime Minister Marape shared his optimism about the country’s progress, acknowledging that there is still a journey ahead.
Prime Minister Marape also took the opportunity to portray PNG as a country with a robust democracy, facing challenges but striving to become a stronger, free-market, capital economy that nurtures business growth.