2024 Budget

Governor Sir Julius Chan chaired a meeting on Tuesday, December 5th, where the New Ireland officials convened to discuss the 2024 budget allocation for NIP in the 2024 National Budget, delivered early this month. The province hosts two gold mines and known for its significant contributions, found itself with one of the lowest projected budgets for 2024.

After the tabling of the 2024 budget in Parliament, PwC hosted a budget breakfast the next morning to highlight the analysis and economic impact of the budget, of which four priorities was mentioned. 

Leading the presentation was PwC Chief Economist Jeremy Thorpe who said the first priority the government must look at is improve foreign exchange availability.

Thorpe said this is because current foreign exchange restrictions have a significant drag on the PNG economy that suppresses investment and consumption.

He said the 2024 Budget is more of the same of last year where the Treasurer promised the record spending would make our people’s lives better and our country safer.

“In 2023, despite the record taxes, spending and debt, we have endured one of the worst years in our history with people now experiencing outright poverty and violence on the increase.”

“We are being told by the Treasurer and PM all is well and to be excited about more of the same in 2024.”

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.