IMF Executive Board Approves US$918 million Under the Extended Credit Facility and Extended Fund Facility for Papua New Guinea

The Executive Board of the International Monetary Fund (IMF) today approved 38-month arrangements under the Extended Credit Facility and Extended Fund Facility for Papua New Guinea (PNG) in the amount of SDR684.3 million (equivalent to US$918 million). The program seeks to protect the vulnerable and foster inclusive growth. The reforms will focus on strengthening debt sustainability, alleviating foreign exchange (FX) shortages, and enhancing governance and operationalizing the anti-corruption framework.

Lebanon: Staff Concluding Statement of the 2023 Article IV Mission

Lebanon is at a particularly difficult juncture. For over three years, it has been facing an unprecedented crisis, with severe economic dislocation, a dramatic depreciation of the Lebanese lira and triple-digit inflation that have had a staggering impact on people’s lives and livelihoods. Unemployment and emigration have increased sharply, and poverty is at historically high levels. The provision of basic services like electricity, public health, and public education have been severely disrupted, and essential social support programs and public investment have collapsed. More broadly, capacity in public administration has been critically weakened. Banks are unable to extend credit to the economy and bank deposits are mostly inaccessible to customers. The presence of a large number of refugees exacerbates Lebanon’s challenges.

IMF Executive Board Concludes 2023 Article IV Consultation with Colombia

Benefiting from an effective policy response to the pandemic and highly favorable terms of trade, Colombia’s economy grew at 7.5 percent year-on-year in 2022; one of the fastest rates among emerging economies. Against this robust recovery, high commodity prices, and weather-related shocks, headline inflation reached 13.3 percent year-on-year in February 2023 and the current account deficit widened from 5.6 in 2021 to 6.2 percent of GDP in 2022.

Maximising scarce resources: EIB updates its water sector policy

Today, the European Investment Bank (EIB) published its new Water Sector Orientation. The document presents the Bank’s investment priorities in the sector, where limited financing is available. These priorities include conventional infrastructure as well as innovative approaches, such as circular economy, nature-based solutions, and digitalisation. The policy highlights the types of investments that will maximise the Bank’s impact to achieve its climate and environmental objectives.

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