27 July 1999

Treasurer to Visit PNG

The Treasurer will travel to PNG tomorrow to meet with the new Prime Minister, Sir Mekere Morauta. This will be the first official visit by an Australian Minister since the election of the new PNG Government. The Treasurer expects also to meet with other Ministers.

A key focus of the visit will be to assess the economic challenges facing the new Government.

The Treasurer will convey a message of strong support for the PNG Government’s announcement that it will seek early re-engagement with the International Monetary Fund (IMF) and the World Bank. Support from the Fund and the Bank is vital for economic recovery and the future development of PNG.

The visit by the Treasurer will provide an opportunity for PNG authorities to discuss reform priorities in advance of an IMF mission which is expected to arrive in the first week of August.

The visit will also provide an opportunity to explore the scope for stronger international cooperation between the Australian and PNG governments and the Treasurer will make clear our willingness to consider requests for this and other assistance in support of an IMF program.

The visit by the Treasurer emphasises the importance that Australia attaches to a restoration of confidence and sound governance in PNG and to the rebuilding of a strong and vibrant PNG economy.