2024-12-16-IMF-巴布亚新几内亚_技术援助报告金融部门稳定审查（英）_48页_1mb

Analysis Summary

Executive Summary

PNG has made progress in strengthening financial sector stability through reforms like payment system modernization and regulatory updates. However, significant weaknesses remain, including gaps in systemic risk analysis, regulatory frameworks, and crisis management. The IMF recommends a roadmap for technical assistance, focusing on six key areas: macroprudential policy, regulation and supervision of deposit-taking institutions, insurance and pension funds, financial safety net, financial market infrastructure, and financial statistics. Implementation requires addressing legal reforms and capacity constraints.

Financial Sector Overview

PNG's financial sector is bank-dominated, with limited inclusion and a small insurance industry. Financial institutions generally perform well, with strong capitalization and profitability. On-going efforts include legal amendments for better macroprudential oversight and modernization of payment systems, but challenges persist, such as data management issues and human resource constraints.

Macroprudential Policy

Macroprudential surveillance is underdeveloped, with gaps in systemic risk reporting and stress testing capabilities. Recommendations include establishing a Financial Stability Committee, enhancing systemic risk analysis through expert review, and developing stress testing models. Short-term actions prioritize improving communication strategies, while medium to long-term efforts involve calibrating Basel III frameworks, including capital buffers.

Regulation and Supervision

The regulatory framework is improving but lacking harmonization, particularly for insurance and superannuation sectors. Key recommendations include amending the Banks and Financial Institutions Act for consolidated supervision, strengthening prudential standards, and upgrading supervision with IT tools. TA will support implementation of regulatory changes and staff training.

Financial Safety Net and Crisis Management

PNG lacks an effective resolution regime with no deposit insurance. Legal reforms are needed to formalize resolution powers, recovery plans, and crisis coordination mechanisms. Recommendations include establishing an inter-agency council and enhancing emergency liquidity assistance.

Financial Market Infrastructure

Payment systems are modernizing, with Real-Time Gross Settlement and instant payment platforms, but legal and oversight gaps exist. Enhancements include strengthening regulatory definitions, disaster recovery planning, and cybersecurity measures. Mobile money providers need comprehensive prudential regulation.

Financial Statistics

Data quality and coverage for financial stability analysis are inadequate. Improvements needed include expanding FSIs coverage, reconciling institutional source data, and enhancing data management within the central bank. Balance sheet approach matrix compilation should support policy decisions.

Recommendations

Priority areas for technical assistance include communicating financial stability objectives, developing systemic risk reports, and calibrating macroprudential tools. Medium-to-long-term efforts focus on legal reforms, supervision capacity building, and integrating digital innovation like cryptocurrencies, while closing data gaps to improve policy analysis and decision-making.