Prime Minister James Marape has reaffirmed Papua New Guinea’s commitment to economic reform and fiscal sustainability, presenting an ambitious plan to achieve a debt-free economy by 2033 during a high-level meeting with the International Monetary Fund (IMF) in Washington, D.C. Meeting with IMF Deputy Managing Director Bo Li, Prime Minister Marape highlighted PNG’s economic resilience amid a slowing global outlook. While the IMF projects a decline in global and regional growth—down to 2.8% globally and 3.9% for Asia-Pacific in 2025—Papua New Guinea’s economy is forecast to strengthen, rising from 3.8% in 2024 to 4.7% in 2025. “This growth sets PNG apart during a time of global uncertainty,” Marape said. “It confirms the effectiveness of our fiscal and economic reforms.” The IMF commended PNG’s progress on fiscal consolidation and its strategy to broaden the economy beyond the resource sector. Marape outlined the Government’s focus on boosting agriculture, fisheries, forestry, and tourism to build a more sustainable economic base. He confirmed that PNG remains on track to deliver a balanced budget by 2027, after which a targeted debt-reduction program will be implemented. “From 2027 onwards, we will cease all new borrowing and redirect our fiscal space to reducing existing debt,” the Prime Minister stated. “Our aim is to be debt-free by 2033 and, by 2045, a net contributor to the IMF.” Marape also provided updates on major investment discussions with global energy and mining companies including ExxonMobil and Newmont. Strategic projects such as Papua LNG, Wafi-Golpu, and P’nyang are expected to drive between US$40 billion and US$55 billion in foreign direct investment over the next ten years. “These projects are key to reaching our K200 billion economic target,” he said. “They will support national development and service delivery as our population continues to grow.” Concluding the meeting, Prime Minister Marape underscored the Government’s determination to see through its long-term economic agenda. “This is not rhetoric—this is a practical, measurable plan,” he said. “A debt-free Papua New Guinea by 2033 is the legacy we are working to secure.”