Government committed to strengthening PNG’s economy after financial review

Prime Minister James Marape has today declared that his government fully accepts the findings of a recent international financial assessment and is committed to addressing all recommendations to strengthen Papua New Guinea’s economic security and integrity.

The Prime Minister said the Government will not blame past administrations, but will take responsibility and act decisively.

“We accept the findings as they are. There is no point blaming the past. What has been identified, we will fix,” Prime Minister Marape said. “It is in our country’s interest to have a secure economy, not one with gaps that can be exploited.”

He announced the formation of a high-level working group to coordinate reforms, with an initial briefing scheduled for Tuesday involving the Governor of the Bank of Papua New Guinea, the Treasurer, and key economic agencies.

Prime Minister Marape stressed that constitutional institutions, including the Central Bank, Royal Papua New Guinea Constabulary, ICAC and the Ombudsman Commission, operate independently and have clear mandates to detect, investigate, and prosecute illegal financial activity.

“These are constitutional offices. They do not operate under the direction of the Prime Minister. Their job is to identify weaknesses in the system and act,” he said.

The Prime Minister confirmed that most recommendations have already been addressed, with remaining actions now prioritised under the Government’s reconstruction agenda.

“There is no point in working hard to grow the economy if there are leakages in the system,” he said. “We must ensure there is no money laundering, no illegal transactions and no financing of criminal or terrorist activity.”

Marape noted that PNG is not alone, with other countries also under increased monitoring, describing the process as a global effort to strengthen financial systems.

“This is an opportunity to fix, tidy, and correct our systems before the 2027 elections,” he said. “Our aim is to emerge with a stronger, more secure economy, one that is solid, compliant, and free from abuse as we move into the next 50 years of nationhood.”

He also reassured investors that the Government remains focused on stability and reform.

“Our investors will not run away. These are recommendations, and we will address them. Papua New Guinea will work its way out of the grey list and towards a trusted, credible financial standing,” Prime Minister Marape said.