Government-by-Government Assessments: Papua New Guinea
During the review period, the government published its executive budget proposal, enacted budget, and end-of-year report online within a reasonable period. The budget provided a substantially full picture by including major sources of revenue and expenditure. Actual revenues and expenditures reasonably corresponded to those in the enacted budget. Information on debt obligations was not available in a reasonable period, including for state-owned enterprises. The information in the budget was considered generally reliable. The supreme audit institution did not meet international standards of independence and did not publish audits that covered the entire annual executed budget. For agencies it did audit, however, those reports contained substantive findings and recommendations. The government specified in law and appeared to follow in practice the criteria and procedures for awarding natural resource extraction contracts and licenses. Only partial information was publicly available on how the government awarded natural resource extraction contracts. The sovereign wealth fund, although not active, had a sound legal framework and disclosed its source of funding and general approaches to withdrawals.
Papua New Guinea’s fiscal transparency would be improved by:
* Publishing debt information within a reasonable period, including for state-owned enterprises;
* Ensuring the supreme audit institution meets international standards of independence, audits the entire annual executed budget, and publishes its reports within a reasonable period; and
* Making basic information on natural resource extraction awards publicly available.
Tags
Bureau of East Asian and Pacific Affairs Bureau of Economic and Business Affairs Division for International Finance and Development Papua New Guinea
Source: U.S. Department of State, Bureau of East Asian and Pacific Affairs