Ollero, TonyIzvorski, Ivailo2017-08-102017-08-102010-03-03https://hdl.handle.net/10986/27727This report reviews developments in Papua New Guinea (PNG) since independence, and looks at the issues relevant for saving and managing natural resources and resource induced volatility. These issues could serve as a useful basis for discussion of options the government of PNG could pursue as it emerges from the economic and financial crisis and looks forward to the start of operation of the PNG liquified natural gas (LNG) project. Although the wealth of international experience suggests several key areas for the attention of the authorities, many issues can be addressed only on the basis of detailed projections about future resource flows and investment outlays. Whether the rules will prove effective will also depend on other steps to enhance the fiscal framework. The World Bank can provide more detailed analysis, expertise and recommendations should such data become available.en-USCC BY 3.0 IGOACCOUNTINGADVANCED ECONOMIESAGRICULTUREASSET MANAGEMENTASSET PRICEAUDITSBALANCE OF PAYMENTBALANCE OF PAYMENTSBANK GOVERNORBANKING SYSTEMBENCHMARKBONDSBORROWING COSTSBUDGET SURPLUSESBUDGETINGBUSINESS CLIMATEBUSINESS CYCLECAPITAL INFLOWSCAPITAL INVESTMENTCAPITAL LOSSESCENTRAL BANKCOLLATERALCOMMERCIAL BANKSCOMMITMENT DEVICECOMMODITIESCOMMODITYCOMMODITY EXPORTCOMMODITY PRICECOMMODITY PRICESCONFLICT OF INTERESTCONFLICTS OF INTERESTCONSUMER PRICE INDEXCONTINGENT LIABILITIESCORPORATE INCOME TAXESCREDIBILITYCREDIT RATINGCREDIT RATING AGENCIESCURRENCYCURRENCY BASKETCURRENT ACCOUNT BALANCEDEBTDEBT RATIODEBT REDUCTIONDEBT REPAYMENTSDEBT SERVICEDEBT SERVICE RATIODEPOSITDEPOSITSDERIVATIVESDEVALUATIONDEVELOPING COUNTRIESDEVELOPMENT PROJECTSDEVELOPMENT STRATEGYDISBURSEMENTDISCLOSURE STANDARDSDISCOUNT RATESDISCOUNTED VALUEDIVIDENDSDOLLAR PRICESDOMESTIC BANKINGDOMESTIC BANKSDOMESTIC CREDITDOMESTIC CURRENCYDOMESTIC ECONOMYDOMESTIC INTEREST RATESDUAL ECONOMYECONOMIC BOOMECONOMIC CRISISECONOMIC DEVELOPMENTECONOMIC VOLATILITYEMERGING EQUITY MARKETSENFORCEMENT MECHANISMSEQUITIESEQUITY MARKETSEQUITY STAKEETHICAL INVESTMENTEXCHANGE RATEEXPANSIONARY FISCAL POLICYEXPENDITUREEXPENDITURESEXPORTEREXPORTSEXTERNAL DEBTFINANCIAL ASSETSFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL MARKETSFINANCING ARRANGEMENTSFISCAL AUTHORITIESFISCAL CONSOLIDATIONFISCAL CONSTRAINTSFISCAL DEFICITFISCAL DEFICITSFISCAL DISCIPLINEFISCAL POLICIESFISCAL POLICYFIXED EXCHANGE RATEFIXED INCOMEFIXED INCOME INVESTMENTSFIXED INVESTMENTFOREIGN CAPITALFOREIGN CURRENCIESFOREIGN CURRENCYFOREIGN DIRECT INVESTMENTFOREIGN EXCHANGEFOREIGN EXCHANGE RESERVESFOREIGN GOVERNMENTFOREIGN INVESTMENTFOREIGN TRADEFUND ASSETSFUTURE PRICESGDPGDP PER CAPITAGLOBAL ECONOMYGOVERNMENT BORROWINGGOVERNMENT BUDGETGOVERNMENT BUDGETSGOVERNMENT DEBTGOVERNMENT EXPENDITUREGOVERNMENT EXPENDITURESGOVERNMENT FUNDSGOVERNMENT INVESTMENTGOVERNMENT REVENUEGOVERNMENT REVENUESGOVERNMENT SPENDINGGROSS DEBTGROSS DOMESTIC PRODUCTGROWTH RATESHUMAN CAPITALINCOME TAXINCOME TAXESINDUSTRIAL COUNTRIESINEFFICIENCYINFLATIONINTEREST PAYMENTSINTERNATIONAL BEST PRACTICEINTERNATIONAL STANDARDINVESTINGINVESTMENT FLOWSINVESTMENT POLICYINVESTMENT PROJECTSINVESTMENT SPENDINGINVESTMENT STRATEGYIPOLANDOWNERLANDOWNERSLEVEL OF DEBTLEVEL OF RISKLEVYLIQUIDITYLIVING STANDARDSLOCAL CURRENCIESLOCAL CURRENCYLOCAL GOVERNMENTSLOW-INCOME COUNTRYMACROECONOMIC ADJUSTMENTMACROECONOMIC ENVIRONMENTMACROECONOMIC MANAGEMENTMACROECONOMIC MISMANAGEMENTMACROECONOMIC POLICIESMACROECONOMIC STABILITYMACROECONOMIC STABILIZATIONMONETARY FUNDMONETARY POLICIESMONETARY POLICYMONEY MARKETMONEY MARKET INSTRUMENTSNATURAL RESOURCENATURAL RESOURCESOIL PRICESOIL RESERVESOIL RESOURCESOUTPUTPENSIONPENSION FUNDPER CAPITA INCOMEPERMANENT INCOMEPERSONAL INCOMEPOLICY RESPONSEPOPULATION AGEINGPORTFOLIOPREPAYMENTSPRICE INCREASESPRICE LEVELSPRICE VOLATILITYPRIVATE INVESTMENTPUBLIC FINANCEPUBLIC FINANCESPUBLIC INVESTMENTPUBLIC SECTOR DEBTREAL EXCHANGE RATEREAL GDPRESERVERESERVE FUNDRETURNRETURNSSAVINGSSECURITIESSHORT-TERM INTEREST RATESOCIAL DEVELOPMENTSOVEREIGN BONDSSTATE ENTERPRISESUSTAINABILITY ANALYSISSWAPTAXTAX CREDITSTAX REVENUESTAXATIONTOTAL COSTSTRADE BALANCETRADINGTRANSPARENCYTRANSPARENCY INITIATIVETRANSPARENT INVESTMENTTREASURYTREASURY SECURITIESTREATYTRUST FUNDTRUST FUNDSTRUSTEESVALUE ADDEDWEALTHWITHDRAWALReportWorld Bank10.1596/27727