The Marape Government is charting an unprecedented course towards inclusive economic growth with the unveiling of the the record K27.377 billion 2024 Budget. The budget, presented by Treasurer Hon. Ian Ling-Stuckey in Parliament on Tuesday, November 28, 2023, showcases a significant commitment to fostering Papua New Guinea’s economic sector and job creation.
Aligned with the recently-launched Medium-Term Development Plan IV and Prime Minister Marape’s vision to propel the economy and generate one million new jobs by 2027, the 2024 Budget represents a substantial leap in support for the nation’s economic landscape.
Prime Minister Marape emphasised, “The substantial increase in funding underscores the Pangu Pati-led Government’s dedication to providing essential resources to stimulate economic growth.
“The 2024 Budget stands as a testament to the Government’s unwavering commitment to propelling Papua New Guinea’s economic prosperity and creating a conducive environment for sustainable development.”
The economic sector is poised to receive an extraordinary 45.9 per cent increase in funding, amounting to a total budget of K1.608 billion—a K506 million surge compared to the 2023 Budget. This expansion is strategically focused on fostering domestic growth and job creation.
Significant boosts in funding are earmarked for key agencies in the agriculture sector, forestry, tourism, and Special Economic Zones (SEZs), reflecting a comprehensive approach to sectoral development.
In addition to the remarkable 49.5 per cent increase for the economic sector, the 2024 Budget allocates an exceptional 58.9 per cent more funding for power and water compared to the 2023 Budget. The combined budget for power and water stands at K1.201 billion, representing a K445 million increase over the previous fiscal year.