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Cover -- CONTENTS -- CONTEXT -- RECENT DEVELOPMENTS, OUTLOOK AND RISKS -- A. Recent Developments -- B. Outlook and Risks -- POLICY DISCUSSIONS -- A. Maintaining Macroeconomic Stability -- B. Promoting Financial Sector Development and Resilience -- C. Boosting Inclusive Growth -- OTHER ISSUES -- STAFF APPRAISAL -- BOXES -- 1. Update on the LNG and Mineral Projects -- 2. Alternative Commodity Price Scenario -- 3. External Sector Assessment -- FIGURES -- 1. Real Sector -- 2. External Sector -- 3. Fiscal Sector -- 4. Monetary Sector -- 5. Financial Access Indicators -- TABLES -- 1. Selected Economic and Financial Indicators, 2011-16 -- 2. Summary Operations of the Central Government, 2011-16 -- 3. Balance of Payments, 2011-20 -- 4. Monetary Developments, 2011-16 -- 5. Medium-Term Scenario, 2011-20 -- 6. Financial Soundness Indicators, 2010-14 -- 7. Status of Millennium Development Goals -- APPENDICES -- I. Risk Assessment Matrix -- II. Authorities' Responses to Fund Advice -- CONTENTS -- FUND RELATIONS -- RELATIONS WITH THE PACIFIC FINANCIAL TECHNICAL ASSISTANCE CENTRE -- JOINT MATRIX OF BANK-FUND COLLABORATION -- RELATIONS WITH THE ASIAN DEVELOPMENT BANK -- STATISTICAL ISSUES.

This 2014 Article IV Consultation highlights that Papua New Guinea's economy is experiencing an important transition, as new liquefied natural gas (LNG) production and exports commence. With LNG production and exports now starting, resource sector growth is projected to surge in 2015, but spillovers to the rest of the economy may be more limited. Inflation has moderated from its peaks during the construction boom and is likely to remain reasonably low given the global outlook for commodity prices. The ongoing economic transition calls for adjustment of macroeconomic policies to safeguard macro