Papua New Guinea's Treasurer Don Polye has been selected to be the next chairman of the board of governors of the International Monetary Fund and the World Bank.
The newspaper, The National, reports that Mr Polye was selected to be the chairman in 2014 by fellow governors, who are usually finance ministers of member countries.
PNG's Prime Minister Peter O'Neill says the Treasurer's selection is a vote of confidence in PNG and will raise its profile globally.
Mr O'Neill says it is in recognition not only of Mr Polye's leadership and talent by his peers, but also of PNG's increasing role as a major player in the region.
The Treasurer says the selection will complement the government's drive towards making PNG the leader amongst Pacific Island nations, and an emerging economy in the Asia-Pacific.
Don Polye's chairmanship will be formally approved by the board of governors of the fund and the bank in October.