Papua New Guinea and the International Monetary Fund

[1] However, still in the early stages of independence which they gained on September 16, 1975, Papua New Guinea found itself in the face of turmoil due to political and economic mismanagement.

[1] On December 1, 1973, Papua New Guinea was given the ability to govern itself and eventually on September 16, 1975, the country dissolved all ties with Australia and became an independent nation.

[6] Prospects for Papua New Guinea's newly independent government and economy were optimistic, most notably for the nation's internal development.

[7] After 1975, Papua New Guinea began facing a steady decline in economic growth as prices in commodity fell, unemployment rose, and foreign debts increased.

[8] Ultimately, high population growth was the main contributor with an estimated per capita GDP decreasing by nearly 50% after dissolution from Australia.