PNG grey listing: PNG’s return to the global grey list raises serious questions about national debt, financial credibility, and economic stability.

Papua New Guinea has been placed back on the international “grey list” as concerns grow over the country’s financial systems and rising national debt. Speaking from the United States during meetings with the IMF and World Bank, the Treasurer acknowledged the serious economic pressures facing PNG, including a falling kina and a national debt of K65 billion since 2019. Opposition MP Hon. James Nomane says grey listing is not just “enhanced monitoring” but a serious global warning that could increase living costs, reduce investor confidence, and weaken the country’s financial credibility.

News headline graphic showing PNG grey listing crisis with kina currency, parliament building, and national debt figures highlighted: Image generated by Image Studio AI.

PNG Grey Listing Sparks Sovereignty and Economic Concerns Amid K65 Billion Debt

Hon. James Nomane, MPHon. James Nomane, MP

Whilst in the USA at the mercy of the IMF and World Bank, the Treasurer admits surrendering national sovereignty under the triple blow of grey listing, kina collapse, and a K65 billion national debt he built since 2019.

Grey listing cannot be downplayed with political spin. Grey listing is a global indictment, not “enhanced monitoring,” and minimising it is reckless.The Treasurer’s reliance on an 18‑point plan is entirely predictable for the Marape Government — yet another reactive scramble to appease creditors so the loans can keep coming.

PNG has been grey‑listed before, and our return to that list is proof that the government failed to sustain reforms, strengthen institutions, or uphold international standards. The unavoidable question is this: what exactly has the government been doing since 2019? Grey listing drives up compliance costs, slows financial flows, and erodes investor confidence.

The government cannot pretend this won’t intensify the cost of living crisis already crushing Papua New Guineans. Families are battling a falling kina, rising import prices, and chronic fiscal instability, and grey listing will only make those pressures heavier.

The crux of the issue is leadership that has allowed corruption, political patronage, and institutional decay to flourish. In this environment, money laundering thrives, regulatory agencies weaken, and reforms become superficial talking points.

Without decisive leadership, the status quo will persist and graft will deepen, accountability will erode, and PNG’s financial credibility will continue to deteriorate.

Opposition’s Alternative Strategy

The Opposition proposes a fundamentally different approach anchored in decisive, transparent leadership:

Institutional Independence: Strengthen FIU, Police Fraud Squad, and Bank of PNG with statutory independence, insulated from political interference.