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Papua New Guinea Budget 2024


The 2024 Budget was introduced to Parliament on 28 November 2023 by the Hon. Ian Ling-Stuckey. The theme was “Securing our Future” and continued the path set down in the 2023 Budget. The Government is still targeting a surplus by 2027 with an option of repaying all debts by 2034. This is still a record Budget in terms of expenditure (up 8%) and revenues (up 14.7%), with GDP growth of 4.7% forecast for 2024. 

In what will be to the relief of many the Budget contains few tax amendments.

On another important topic, the Treasurer acknowledged a policy of devaluing the Kina against the USD was underway, though this was expected to be in the region of a 7 to 8% decline from current levels. While available foreign exchange for payments for imports is expected to improve, restrictions for external capital flows will remain. 

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