Port Moresby, November 28, 2023 – Prime Minister Hon. James Marape expressed his wholehearted endorsement for the groundbreaking K27.377 billion 2024 Budget, presented today in Parliament by Treasurer Hon. Ian Ling-Stuckey. The budget, anchored in the theme ‘Securing Our Future,’ reflects a commitment to propelling Papua New Guinea into economic prosperity with pro-development focus as well as continuing assistance to Papua New Guineans in these tough times.
He commended Internal Revenue Commission (IRC) and Customs for their hard work in record revenue collections during a very tough economic period, saying: “For IRC to collect the highest-ever revenue without raising new taxes is a testament to growth in the economy as evident in the steady results of the non-resource sector.”
Prime Minister Marape added: “The 2024 Budget signals a promising future for Papua New Guinea, underscoring the government’s commitment to securing the well-being and prosperity of its citizens.”
“As the country embarks on a path of sustainable growth, the leadership remains dedicated to fostering economic stability and resilience.”
Compared to the 2023 Budget of K24.567 billion, the 2024 Budget sees a notable increase of K2.810 billion, with revenues reaching K23.394 billion—a substantial growth of K3.811 billion from the previous fiscal year’s K19.582 billion. The positive trajectory is evident in the reduction of the budget deficit by K1 billion, showcasing a fiscal strategy where revenues outpace expenditures.
Projections indicate a significant boost in the economy, with an expected growth from K111 billion in 2023 to K122 billion in 2024—surpassing the K79 billion benchmark set by the previous O’Neill government. This remarkable progress aligns with Prime Minister Marape’s vision for Papua New Guinea, aiming for a K200 billion economy by 2030.
The Marape Government, steadfast in its commitment to fiscal responsibility, continues its budget repair programme with the ambitious goal of achieving a surplus budget by 2027 and the potential to retire all debt by 2034.
Prime Minister Marape commended the dedication of Treasurer Hon. Ian Ling-Stuckey and his team, along with Finance and Planning Minister Hon. Rainbo Paita and his team, for their tireless efforts in crafting a budget that prioritises the welfare of the people of Papua New Guinea.
“When I came into office in May 2019, I boldly stated in my maiden speech that I wanted Papua New Guinea to be a K200 billion economy. The 2024 Budget is a testament to the progress we are making towards that goal,” Prime Minister Marape said.
“Treasurer Ling-Stuckey outlined the economic outlook, expressing confidence that the Papua New Guinea economy will grow to K300 billion by 2034 and K1 trillion by 2048. The budget’s key features include substantial economic growth, with non-resource growth reaching 4.7 per cent—a continuation of the positive momentum from 4.5 per cent in 2023 and 5.2 per cent in 2022. This marks the second time in Papua New Guinea’s post-independence history that three consecutive years of non-resource growth have been achieved, showcasing the nation’s resilience and economic strength.”
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