The total public (Government) debt outstanding as at the end of 2021 fiscal year was K48.1 Billion or 51.6 percent of GDP.
The current outstanding debt is comprised of K25.2 Billion from domestic sources and K22.9 Billion from external sources.
According to the Bank of PNG Central Bank Quarterly Economic Bulletin for the month of December, the total Government deposits at depository corporations increased by K1.3 Billion to K5.2 Billion, mainly between November and December of 2021.
This increase reflected drawdowns of external budget support as well as financing from domestic sources.
Meantime, the fiscal operations of the National Government in 2021 showed a deficit of K6.2 Billion, compared to a deficit of K6.6 Billion in the corresponding period of 2020. This represents 6.7 percent of nominal GDP.
The total revenue and grants in 2021 was K13.8 Billion, 14.6 percent higher than in 2020 and is 101.4 percent of the 2021 Supplementary Budget amount.
The outcome reflected higher than projected grants from development partners and tax revenue collections, which more than offset lower collections in Other Revenues (Dividends, Statutory Transfers, and Fees & Charges).
The total expenditure in 2021 was K20.1 Billion, 3.8 percent higher than the 2020 outcome, and 0.8 percent lower than the Supplementary Budget appropriation.
As a result of these developments in revenue and expenditure, the budget deficit was K6.2 Billion which was financed from domestic and external sources.