Treasurer, Ian Ling-Stuckey in his New Year’s message said the country’s economy is doing much better in terms of economic growth.
He added that the country expects to be a K113 billion economy in 2023, up from K79 billion in 2018 while inflation is expected to fall to under 6 per cent in 2023 – below the long-term average rate of 7 per cent.
The Treasurer further stated that PNG will start the year with the highest Kina level of international reserves in its history.
He said the focus is on our agriculture sector which will produce more income opportunities for our farmers as our labour mobility scheme is expected to continue its rapid expansion.
Mr Ling-Stuckey added that 2023 will see the highest level of government expenditure in our history – K24,567 million which is being supported by the highest levels of revenues in our history of K19,582 million – which IRC, Customs, Treasury and Finance will deliver the revenues.
He said the Marape-Rosso Government is also focusing spending on law and order, health, education, infrastructure and rural communities – all in line with the Pangu vision of rebuilding the human and physical capital of our nation.