The National Government has proposed it’s annual budget for 2024 of a record of K27.3 Billion, which is an 8% increase from this year’s budget.
The Proposed Budget was presented by the Treasurer Ian Ling-Stucky, in this morning’s budget lockup session at the National Parliament in Port Moresby.
Themed “Securing the Future” the budget focuses on growth and creating more employment.
The budget record total includes, an operational expenditure of K16.7 billion, a capital expenditure of K10.7 billion and a revenue total of K23 billion.
The Treasurer said the budget also aims to further grow the economy in 2024.
“Our economy is expected to grow from K111 billion in 2023 to K122 billion in 2024. This is over 50% higher than the K79 billion we inherited.”
“Using the best measure of improving living standards for our people, non-resource growth, will continue, at its high levels of 5.2% in 2022, 4.5% in 2023 and 4.7 % in 2024.
This proposed budget will now be presented on the floor of parliament and the Opposites will be given an opportunity to give a response.