2017 National Budget

This will accompany significant taxation measures in the mining and petroleum sector, and the logging industry, which are actions undertaken to revamp PNG’s revenue.

K90 million is earmarked for the Internal Revenue Commission (IRC) to resource the state agency to improve compliance and broaden the tax base. The allocation is a 21.6 per cent increase (K16 million) from the 2016 appropriation.

Treasury Minister Patrick Pruaitch today handed down the K12.9 billion, 2017 National Budget.

Education and health sectors account to 18.4 per cent of next year’s budget.    

The health sector maintained the third highest allocation amounting to K1.2 billion, a slight drop from K1.5 billion from the amount allocated in 2016 budget.   

And education sector was allocated K1. 1 billion, a drop from K1.3 billion from this year’s money plan.

Treasury Minister Patrick Pruaitch today handed down the K12.9 billion 2017 National Budget.

In this year’s budget, APEC Authority received K80 million for APEC security and 2017 National Election security preparations.

The Treasury Minister said the benefits of hosting APEC outweigh the cost. 

“The expenditure on APEC is necessary for any government in the world to host a meeting of this size,” Pruaitch said.

Also the 2017 National Budget handed down by the Treasury Minister Patrick Pruaitch today was slightly lower than the figures of the 2016 national budget handed down last year.

The country’s money plan for next year stands at K12.9 billion compared to the 2016 figure of K14.2 billion.

“The 2017 Budget is set at K12, 965.4 million against a revenue envelope K11, 088.8 million. This comprise of K9, 182.2 million in tax revenue, K1, 045.3 million in grants and K1, 245.7 million from other sources of revenue,” Pruaitch said.    

 Treasury Minister Patrick Pruaitch and Secretary Dairi Vele will give the final details of allocation to each sector.

After the press lock up, the Treasury Minister at 2pm Parliament sitting will introduce the 2017 National Budget to the house, and adjourned for one week for the Opposition to give its respond.

In last week Parliament sitting, Sinasina Yonggumgl MP Kerenga Kua asked the ruling government to give opposition time to research and debate before the passage of the 2017 National Budget. 

Treasury Minister Patrick Pruaitch is expected to give an in-depth insight into the 2017 National Budget in the press lock up on Tuesday at the Parliament state function room.

And in the afternoon, Parliament will sit at 2pm where the Treasury Minister will address the House.

Meanwhile, the 2016 budget was set at K14.2 billion, a deficit of K2 billion.

The health sector received the third largest slice after provincial and administration allocation in this year’s money plan, which was passed last year.

The health sector was allocated K1,555.9 million.

That was raised this morning in Parliament by Sinasina-Yonggumgl MP Kerenga Kua.  

“I was hoping that the 2017 Budget will be introduced this week to allow Opposition at least one week to look at the volumes of numbers and justification that goes with it,” Kua said during Question Time.  

This was announced by Minister for National Planning and Monitoring, Charles Abel, during the opening of the National Development Forum on Tuesday.

Abel said the government has been strong on empowering sub-national governments and have done so by first providing directly to the local level and now to the ward level.

He said a simple guideline has been created to ensure funding is properly spent.