Papua New Guinea warns that its government revenues for 2015 came in 21% below expectations due to an oil price slump, the worst drought since 1997 and ballooning budget deficit, resulting in the country seeking a World Bank loan of $300m to tackle its financial crisis. " The IMF said it was concerned about the country's fiscal position as well as the impact on growth from falling commodity prices.
Papua New Guinea warns that its government revenues for 2015 came in 21% below expectations due to an oil price slump, the worst drought since 1997 and ballooning budget deficit, resulting in the country seeking a World Bank loan of $300m to tackle its financial crisis. The IMF said it was concerned about the country's fiscal position as well as the impact on growth from falling commodity prices.