Economy Measure Code Measure Currency Code Amount (Local) Amount (USD) Source Details
Papua New Guinea 01 01 - Liquidity Support PGK
Papua New Guinea 01A 01A - Short-term lending PGK
Papua New Guinea 01B 01B - Support policies for short-term lending PGK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 8 May 2020).

No amount/estimate: The Bank of Papua New Guinea (BPNG) has reduced the Cash Reserve Requirement to 7% from 10% to provide additional liquidity to the commercial banks.

Papua New Guinea 01C 01C - Forex operations PGK
Papua New Guinea 02 02 - Credit creation PGK
Papua New Guinea 02A 02A - Financial sector lending/funding PGK
Papua New Guinea 02B 02B - Support policies for long-term lending PGK
Papua New Guinea 02B1 02B1 - Interest rate adjustments PGK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 1 May 2020).

No estimate/amount: (i) 30 March 2020, BPNG has reduced the Kina Facility Rate (KFR) – the main policy rate - by 200 basis points to 3% from 5% and has asked the commercial banks to reduce their respective Indicator Lending Rates; (ii) To encourage interbank activity, BPNG has increased the margin on central bank borrowing by 25 basis points to 100 basis points of both sides of KFR.

Papua New Guinea 02B2 02B2 - Other policies to support long-term lending PGK
Papua New Guinea 02C 02C - Loan guarantees PGK
Papua New Guinea 03 03 - Direct long-term lending PGK 600,000,000 176,097,676
Papua New Guinea 03A 03A - Long-term lending PGK 600,000,000 176,097,676 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 8 May 2020).

The government has announced PGK600 million credit line to support businesses and individuals in coordination with the banks and financial institutions.

Papua New Guinea 03B 03B - Forbearance PGK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 8 May 2020).

No amount/estimate: The government is working with the commercial banks to provide a 3-month buffer on loan repayments. To cover for the 3-month loan repayment holiday, BPNG will relax prudential standards relating to asset quality, capital adequacy and loan-loss provisioning.

Papua New Guinea 04 04 - Equity support PGK
Papua New Guinea 05 05 - Health and income support PGK 510,000,000 149,683,024
Papua New Guinea 05A 05A - Health support PGK 10,000,000 2,934,961 World Bank. http://documents.worldbank.org/curated/en/375461585914799688/Stakeholder-Engagement-Plan-SEP-Papua-New-Guinea-COVID-19-Emergency-Response-Project-P173834 (accessed 7 April 2020).

PGK10 million was released to the National Department of Health.

Papua New Guinea 05B 05B - Income support PGK 500,000,000 146,748,063
Papua New Guinea 05B1 05B1 - Tax and contribution deferrals and policy changes PGK 500,000,000 146,748,063 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 1 May 2020).

No amount/estimate: The government has asked the superannuation funds to allow members who have been laid off from work due to COVID-19 to access their savings. On April 8, Superfunds announced that its members whose employment was terminated by their employer as a result of COVID-19 will be entitled to a one-off payment of 20% of the member’s contribution (PGK500 million support from superannuation savings to employees affected by the economic slowdown).

Papua New Guinea 05B2 05B2 - Tax and contribution rates reduction PGK
Papua New Guinea 05B3 05B3 - Subsidies to individuals and households PGK
Papua New Guinea 05B4 05B4 - Subsidies to businesses PGK
Papua New Guinea 05B5 05B5 - Indirect income support PGK
Papua New Guinea 05B6 05B6 - No breakdown (income support) PGK
Papua New Guinea 05C 05C - No breakdown (health and income support) PGK
Papua New Guinea 06 06 - Budget reallocation PGK
Papua New Guinea 07 07 - Central bank financing government PGK
Papua New Guinea 07A 07A - Direct lending and reserve drawdown PGK
Papua New Guinea 07B 07B - Secondary purchase: government securities PGK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 8 May 2020).

No amount/estimate: BPNG has announced its intention to repurchase government securities in an open market quantitative easing program to provide liquidity to the holders of the instruments.

Papua New Guinea 08 08 - International Assistance Received PGK 2,372,075,604 696,195,000
Papua New Guinea 08A 08A - Swaps PGK
Papua New Guinea 08B 08B - International loans/grants PGK 2,372,075,604 696,195,000
Papua New Guinea 08B1 08B1 - Asian Development Bank PGK 1,049,587,960 308,050,000 ADB. Table A1.2: Sovereign Lending and Asian Development Fund Grant Operations (as of 12 December 2020); ADB. Table A1.4: Asia Pacific Disaster Response Fund and Technical Assistance (as of 9 January 2021) ADB. Table A1.5: Country Support under TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases (as of 17 July 2020).

(i) 8 April 2020, TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases USD0.85 million for Papua New Guinea; (ii) 15 April 2020, USD0.08 million technical assistance under Strengthening Social Protection in the Pacific ; (iii) 24 April 2020, USD0.13 million technical assistance under Developing the Pacific Health Sector (Additional Financing); (iv) 5 June 2020, USD0.14 million technical assistance under Pacific Economic Management (Additional Financing); (v) 24 June 2020, USD0.5 million technical assitance under Support for Water and Sanitation Sector Management (Additional Financing); (vi) June 30, USD0.10 million techinal assistance under Quality Jobs and the Future of Work; (vii) 1 July 2020, USD0.15 million techical assistance under Promoting Digital Finance Solutions for Inclusive Finance among Partner Financial Institutions; (viii) 29 July 2020, USD3 million under COVID-19 Emergency Response; (ix) 10 August 2020, USD2.66 million under Knowledge and Support Technical Assistance for Strengthening Water, Sanitation, and Hygiene Practices and Hygiene Behavioral Change in the Pacific; (x) 12 August 2020, USD0.06 million technical assitance under "Support for gender sensitive responses to COVID-19 in the Pacific Developing Member Countries; (xi) 2 December 2020, USD0.03 million technical assistnace under Promoting Transformative Gender Equality Agenda in Asia and the Pacific.; (xii) 8 December 2020, USD250 million COVID-19 Rapid Response Program. ; (xiii) 8 December 2020, USD50 million Health Services Sector Development Program. (xiv) 17 December 2020, USD0.35 million technical assistance under "Supporting MSMEs in the Pacific from the Effects of COVID-19 Pandemic".

Papua New Guinea 08B2 08B2 - Other PGK 1,322,487,644 388,145,000 World Bank. https://www.worldbank.org/en/news/press-release/2020/04/14/world-bank-commits-to-papua-new-guineas-fight-against-covid-19 (accessed 20 April 2020). US Embassy in Georgia. https://ge.usembassy.gov/the-united-states-is-assisting-pacific-island-countries-to-respond-to-covid-19-april-22/ (accessed 27 May 2020). United Nations MPTF. http://mptf.undp.org/factsheet/fund/COV00 (accessed 28 May 2020). USAID. https://www.usaid.gov/news-information/coronavirus/fact-sheets/update-united-states-continues-lead-global-response-covid-19 (accessed 29 May 2020). IMF. https://www.imf.org/en/News/Articles/2020/06/09/pr20238-papa-new-guinea-imf-executive-board-approves-disbursement-to-address-the-covid-19-pandemic (9 June 2020). Club de Paris. https://clubdeparis.org/en/communications/press-release/papua-new-guinea-benefits-from-the-extension-of-the-dssi-23-12-2020 (accessed 07 January 2021).

(i) 10 April 2020, USD20 million World Bank COVID-19 Emergency Response Project, IDA credit; (ii) 17 April 2020, USD1.2 million from USAID to prepare laboratory systems, activate case-finding and event-based surveillance, support technical experts for response and preparedness, risk communication, infection prevention and control, and more; (iv) May 2020, USAID support to date increased to USD3.55 million; (v) 20 May 2020, USD995,593 UN COVID-19 Response & Recovery Fund for Integrating WASH, Nutrition, MNH interventions for COVID-19 Response in Western Province, Papua New Guinea; (vi) 9 June 2020, USD363.6 million to help cover balance of payments needs; (vii) 23 December 2020, Paris Club granted suspension of debt service due from 1 January to 30 June 2021.

Papua New Guinea 09 09 - International Assistance Provided PGK
Papua New Guinea 09A 09A - Swaps PGK
Papua New Guinea 09B 09B - International loans/grants PGK
Papua New Guinea 10 10 - No breakdown PGK 4,490,000,000 1,317,797,605 IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 8 May 2020).

On 2 April 2020, the PNG government announced a PGK5.6 billion economic stimulus package in the parliament. PGK4.49 billion is equal to PGK5.6 billion less PGK600 million credit line (see Measure 3), PGK500 million support from superannuation savings (see Non-Health in Measure 5), and PGK10 million for health (see Health in Measure 5).

Papua New Guinea 11 11 - Other Economic Measures PGK
Papua New Guinea 12 12 - Non-Economic Measures PGK
Papua New Guinea 12A 12A - Measures affecting travel and transport (local and international) PGK IMF. https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19 (accessed 8 May 2020).

(i) The government had started imposing containment measures since early February, including (a) a ban on travelers from Asian countries, (b) reduced international flights, (c) mandatory health declaration forms for incoming travelers and enhanced screening at designated ports of entries; (ii) April 2, the PNG parliament voted to shutdown the country and extended the state of emergency which started on March 24 for further two months.

Papua New Guinea 12B 12B - Measures affecting business and workplace PGK
Papua New Guinea 12C 12C - Others PGK