Port Moresby, Papua New Guinea, November 28, 2023 – In a significant move aimed at easing the financial burdens faced by Papua New Guinea families, the Marape Government has earmarked K440 million in the 2024 Budget to address the escalating cost of living challenges.
The Marape Government remains steadfast in its commitment to addressing the economic challenges faced by Papua New Guinea’s citizens, striving to create a more sustainable and prosperous future.
Treasurer Hon. Ian Ling-Stuckey unveiled this positive development during the presentation of the 2024 Budget in Parliament today.
This allocation comes as an additional measure to the commendable K1.177 billion already provided by the Marape Government over the past two years through its Housing Assistance Package, assisting families grappling with the strains of the rising cost of living.
The K440 million allocation is strategically directed towards alleviating the financial strain on parents by introducing school project fee subsidies. Under this initiative, parents will no longer bear up to 20 per cent of school project fees for any of their children attending schools.
Furthermore, the Marape Government is set to institutionalise the increment in the tax-free threshold to K20,000, incurring an estimated cost of K280 million. This move is particularly beneficial for workers earning K769 per fortnight or less, providing a fortnightly savings of K63. This additional income can be utilised to ease household expenses, contributing to improved financial stability for affected families.
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