Treasurer Ian Ling-Stuckey

Treasurer Ian Ling-Stuckey unveiled this positive development during the presentation of the 2024 Budget in Parliament on Tuesday 28th November, 2023.

The K440m 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.

Treasurer Ian Ling-Stuckey when presenting the Budget in Parliament described it as a responsible budget that is K2.8b larger than the 2023 Budget.

With the theme “Securing our Future” Treasurer Ian Ling-Stuckey presented another deficit budget of K27.3 billion 2024 Budget in Parliament today.

A total revenue of K23.3b that is K3.8b more than the 2023 Budget of K19.5b. 

The Treasurer clarified that because revenues are growing much faster than expenditures, the budget deficit reduces by another billion Kina down to K3.9b. 

Mr Ling-Stuckey confirmed that during a meeting on Sunday night with the United States Deputy Assistant Secretary for Treasury, Robert Kaproth, there was an agreement to send a US Technical Assistance team early next year to discuss possible engagement with Treasury and the Bank of PNG.

When presenting the supplementary budget, Treasurer Ian Ling-Stuckey said it is based on Papua New Guinea’s economic strength, despite all the global economic challenges surrounding the country.

Ling-Stuckey said, “A supplementary budget that allocates an additional K771 million, lifting the 2023 Budget to a record level of K25,338 million in expenditure.

“All in the context of on-going budget repair, a drive to surplus by 2027, and the option to repay all our debt by 2034.”

Treasurer Ian Ling-Stuckey when meeting with the head of the MCC, Alison Allbright, during his recent visit to Washington said this is all part of the government’s Targeted Grants Strategy (TGS), where they are seeking to move from loans to more and more grants to support PNG’s economic reform program.

“The MCC pre-qualification process is a demanding one. Currently, PNG is a long way from qualifying.  It will take several years to improve on enough indicators to get access to the potentially large grants available.

Treasurer Ian Ling Stuckey responded saying that it is not a straightforward issue but the government is getting there, stating ‘hopefully’ he will have some good news to report to Governor Muthuvel in the near future.

“Kimbe hospital will cost around K300 million. That’s a very large project so that requires a lot of assessment. To get straight to the point, the status of the Kimber hospital, treasury is now finalizing an NEC submission to take to cabinet to endorse this particular project.

Treasurer says there are five other similar large projects totaling K1.2 billion.

Treasurer Ian Ling-Stuckey said too many of our people are left unbanked, and those in the banking system face high costs and often, poor services.

“Part of the problem is domestic, where businesses keep telling me of excessive red tape,” said the Treasurer.

“First is to assess the specific issues of whether PUMA has breached our country’s banking and taxation requirements. 

Ling-Stuckey said, “We are checking the facts in our discussions with PUMA and Government agencies.”

The treasurer also highlighted the need to address failings in the fuel market, including the appropriateness of some long-term contracts going back to the InterOil days adding that the Prime Minister has announced actions underway on this. 

Treasurer Ian Ling-Stuckey said this will result in them sending some of their high wages back home, and then return with increased skills and knowledge. 

Mr Ling-Stuckey added that the Marape-Rosso Government is moving forward quickly with these new labour mobility options, seeing already an increase of over 1000 percent in the number of workers going overseas in just one year. 

The initial target is 8,000 workers by 2025, although the success of the program to date may mean this target could be further increased. 

He said most of the over 1,500 PNG workers in Australia are focused on the agriculture and Meat Works sector.

“There are major opportunities in other sectors in Australia, especially in aged and health care where Australia has massive labour shortages and good jobs available.

“Much of this work requires having a Certificate III qualification in health or aged care recognized by Australia.