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.
We hope you enjoy our commentary contained in our attached Alert. We would welcome your feedback.
