The Macroeconomic Policy Division plays a critical role in analysing, reviewing, and developing economic policies. Its primary function is to provide expert advice to the Secretary on economic and financial matters affecting the economy and their implications for the government.
The division fulfills its responsibilities through the following key activities:
- Forecasting and analysis: The division is responsible for preparing economic forecasts and projections, as well as providing in-depth briefings on the current and future economic conditions. It also conducts rigorous modelling of the economy to enhance understanding and decision-making.
- Monetary, Fiscal, and Labour Market Advice: The division offers valuable advice on monetary policies, fiscal measures, and labour market issues. By analysing these aspects, it assists in formulating effective policies that promote economic growth and stability.
- Fiscal Operations Analysis: The division thoroughly examines the government’s fiscal operations, including expenditure, revenue, and financing. It provides expert advice on optimising these aspects to ensure sound financial management.
- Monitoring International Economic Issues: The division closely monitors both current and prospective international economic issues. By staying informed about global economic trends and developments, it helps the government make informed decisions and respond effectively to external factors.
- Coordination and Promotion of Overseas Policy Issues: The division plays a crucial role in coordinating and promoting overseas policy issues. It actively monitors and disseminates relevant information regarding international policies, ensuring that Papua New Guinea is well-informed and engaged in global economic matters.
- National Budget Monitoring and Execution: One of the division’s key responsibilities is to monitor and manage the execution of the National Budget. It ensures that budgetary allocations are effectively implemented, and financial resources are appropriately allocated to meet the government’s economic objectives.
Through its comprehensive economic analysis, policy advice, and diligent budget management, the Macroeconomic Policy Division contributes significantly to fostering a stable and prosperous economic environment for Papua New Guinea.