Papua New Guinea Treasury Secretary Discusses Inflation Outlook and Economic Growth at PNG Update 2024,

 

By: Vinlin Yanda

25th, September 2024

Port Moresby, Papua New Guinea Andrew Oaeke, Secretary of the Papua New Guinea Department of Treasury, addressed the nation’s economic challenges and opportunities at the PNG Update 2024. Since his appointment in December 2021, Oaeke has played a crucial role in navigating the country’s fiscal landscape, drawing on his extensive background in economic policy and international development.

 

Oaeke highlighted the current inflation rate, projected to normalize toward its historical average of approximately 5%. This forecast aligns with the International Monetary Fund’s (IMF) report predicting economic growth in Papua New Guinea will rise to 4.6% in 2024, driven by resumed operations at the Porgera gold mine and favorable global commodity prices.

 

A significant focus of Oaeke’s address was the management of foreign exchange issues, which he identified as vital for economic stability. He acknowledged the IMF’s role in advising the PNG government, emphasizing that this partnership aims to strengthen the economy while preserving the country’s sovereignty.

 

“The IMF provides essential concessional financing that supports our fiscal management,” Oaeke stated. “This assistance gives us the flexibility needed to implement crucial reforms.”

 

As Papua New Guinea seeks to rebound economically, Oaeke’s insights offer a hopeful outlook for the nation’s financial health. His commitment to strategic economic management reflects a proactive approach to addressing the challenges ahead.

 

For more details on Oaeke’s remarks and the broader economic outlook for Papua New Guinea, additional articles will provide comprehensive coverage of the PNG Update 2024.


PNG UPDATE 2024, in progress, seated in middle Secretary to the department of Treasury, Mr. Andrew. F. Oaeke, addressing the inflation and the economic changes and developments in Papua New Guinea in 2024. Picture credits, Vinlin Yanda.






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