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IMF Article IV Suppression – A Poor BPNG explanation - MORE GOVERNMENT COVERUP

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by PAUL FLANAGAN

The Bank of PNG, the legislatively independent central bank for the country, lost significant credibility in its recent justification for why PNG has joined the bottom 2 per cent of countries in refusing to release the standard IMF Article IV report on countries (see here).  It remains the only country in the East Asia and Pacific not to release an IMF Article IV report undertaken in 2016.
BPNG provided six “critical issues” for refusing to release the report.  However, on closer examination, there was only one critical issue (fake GDP numbers used by the PNG Treasury).  And that should be the responsibility for the PNG Treasurer to release a statement on why the PNG was suppressing an independent assessment  by the IMF of the PNG economy.
What is the O’Neill government trying to hide on its management of the PNG economy?
International investors will easily through see this statement. PNG’s economic standing and credibility has received a severe down grade wi…