Vila Times

Papua New Guinea improved its ratings in the World Bank

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Papua New Guinea has successfully secured funding and has improved its ratings in the World Bank.

The renewed APEC agenda on structural reform was discussed during the economic committee meeting on March 5 in Port Moresby, the Post Courier reports.

The acting first assistant secretary from the markets policy division of the PNG Department of Treasury Roddie Wada said this is the result of the biggest success in structural reform.

“Papua New Guinea and the other member economies in the APEC region are encouraged to look within their economies to see their structural reform activities.

“These activities must be in line with the APEC objectives to develop their own action plans and structure that best suits their respective economies,” Mrs Wada said.

Director economic committee from the APEC Authority, Marie Eorage said under the theme for APEC 2018 “harnessing inclusive opportunities, embracing the digital future,” Papua New Guinea did a good work although there were challenges.

“For Papua New Guinea, we have secured funding through the financial and regulator policy done through this economic committee,” Mrs Eorage said.

She said that when a prudent policy support is in place, it gives the implementers on the ground like the bank.