The Government has delivered an enormous K22 billion money plan for 2022.
Treasurer, Ian Ling-Stuckey during the Budget Lockup yesterday, Thursday 25th November delivered the 2022 Budget with a surplus of K146m from the previous year’s Supplementary Budget which is 9.3 percent higher.
The Revenue Envelope of the 2022 money plan is K16,190.2 million, 18.4 per cent higher than 2021 Supplementary Budget.
Fiscal Deficit of K5984.7 million for 2022, 5.9 per cent of 2022 GDP.
Also included is the K600 million for the 2022 National General Elections, the K190 million super tax, and a fiscal deficit of K6billion.
The 2022 Budget will continue the Budget repair and economic recovery path with strong focus on non-resource sector srowth and at the same time support families and businesses.
With the theme “Lightening the burden" the Budget reflects the Government's strategy of repair and reconstruction to get the PNG economy back on a growth track, a consistent plan of the Government since taking the office in 2019.
The Government remains committed to advancing development across the country, particularly through its continued efforts to Connect PNG.
This Budget sees a massive increase in the PIP capital budget of 19 percent, from K4824m to K5758m.
Through Connect PNG, 2242 km of roads are being improved and 323 projects, most of them at local level generating jobs and incomes for our people, are ongoing.