|Economy||Measure Code||Measure||Currency Code||Amount (Local)||Amount (USD)||Source||Post Date||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||
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||
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||
(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|