Treasurer Ian Ling-Stuckey has finally handed down the 2023 National Budget of K24.5 billion, another deficit budget with greater focus on more investments to improve the economy and generate more achievements before the country’s 50th Independence in 2025.
The money plan, which was deferred from last week is the largest to be handed down by any government and is a slight increase from this year’s K22.2 billion budget.
The Treasurer announced that the 2023 expenditure of K24.5 billion is an increase of 10.8% increase from the 2022 budget with a revenue estimate of K19.6 billion, which the Treasurer said was an achievement in itself for the government.
“This is a significant budget for this government to heighten the important achievements gained and initiating an intense pace towards greater economic growth for Papua New Guinea, as we head into the 50th Golden Jubilee year in 2025, which is only three years to go.”
“We are focusing on investments that will unlock the great economic potential for our country, especially the rural areas, which allows our people to have access, and also participate fairly in national building. We are also focused on infrastructure investment in rural areas to enable better service delivery.”
Meanwhile, the key priority areas of the government continues to get good allocations in 2023 Budget with health getting about K1.7billion, education K1.3billion and law and justice K1.1billion.