The latest budget presented to the Parliament of Papua New Guinea by the Minister for Treasury Ian Ling-Stuckey has passed unanimously. The 2023 National Budget, passed with a majority in parliament of 86 votes for and none against, will set the fiscal goals for the coming year.
“Total expenditure will be K24,567 million, a 10.8 per cent increase on the original 2022 Budget,” Minister Ling-Stuckey said in budget speech to Parliament, “This is the largest investment, in our people’s future in the history of our nation.”
The expenditure on General Public Service of K24.0 billion is an increase of K2.0 billion from the 2022 National Budget. Included in the budget is K14.4 billion in operational expenditures, K642 million in functional grants, K2.0 billion on donor grants. This budget also accounts for ongoing commitment to debt servicing of K2.5 billion.
Minister Ling-Stuckey has labelled the 2023 National Budget a law-and-order budget, revealing an additional K401 million will be spent in the law and order sector, which the minister calls the largest investment ever in law and order in Papua New Guinea.
In addition, the budget will provide a K590 million Household Assistance Package, designed to assist the community with inflationary pressures.