what was the cause and the effects of black wednesday on PNG as a country. State the reference?

Black Wednesday refers to the day on July 15, 1998, when the Papua New Guinea government declared a state of emergency due to a financial crisis. The cause of Black Wednesday was a combination of factors, including overspending by the government, a decline in commodity prices, and mismanagement of the economy.

The effects of Black Wednesday on Papua New Guinea were severe. The government was forced to implement austerity measures, including cutting public services and laying off workers. The crisis also led to a sharp devaluation of the currency, which caused inflation to soar and further strained the economy.

Reference:
https://www.aljazeera.com/news/2018/07/papua-guinea-black-wednesday-20-years-180715065832978.html