In a highly anticipated event during today's live streaming of the PNG Parliament sitting on the 28th of November 2023, Treasurer Ian Ling-Stuckey presented the 2024 Budget, themed "Securing Our Future." The Treasurer highlighted key aspects of the budget, emphasising the government's commitment to responsible financial management.
Key Budget Figures:
- Total Budget: A substantial K27.3 billion, marking a K2.8 billion increase from the 2023 budget.
- Revenue: A significant boost to K23.3 billion, surpassing the 2023 figure by K3.8 billion.
- Deficit: Despite the substantial budget, a disciplined approach resulted in a deficit of K3.9 billion.
- Capital Budget: Allocating K10.7 billion for crucial infrastructure and development projects.
- Priority Sectors: Noteworthy allocations include K6.67 billion for Health and Education, K1.2 billion for Power and Water supply, and K1 billion for the Connect PNG initiative.
- Household Assistance: A K440 million package to address cost-of-living pressures on families.
Education Investments - Key Points:
- The government is significantly boosting investments in health and education with a substantial budget of K6.67 billion in 2024.
- K4,081.6 million has been allocated for education, representing 14.9% of the total government budget.
- The Government Tuition Fee Subsidy Scheme (GTFS) has witnessed a substantial increase from K764 million to K851 million.
- An extra 3400 teachers will receive support with a 5% increase in funding, contributing significantly to the improvement of education services.
Department of Treasury PNG Treasurer's Vision
During his parliamentary address, Treasurer Ling-Stuckey emphasised the government's dedication to fiscal responsibility.
He outlined a plan for budget repair with the goal of returning to a surplus by 2027, further aiming to clear all debt by 2034.
Importantly, the government is supporting (and needs to strengthen) the key institutions within the Department of Education and the Department of Higher Education to ensure the effective utilisation of this substantial investment.
Economic Growth and Prosperity
The Treasurer expressed confidence in the nation's economic trajectory, projecting growth from K111 billion in 2023 to an impressive K122 billion in 2024.
Ling-Stuckey highlighted the remarkable non-resource growth, maintaining levels of:
- 5.2 percent in 2022,
- 4.5 percent in 2023, and
- 4.7 percent in 2024.
Challenges and Acknowledgments
Ling-Stuckey acknowledged challenges, recognising that not everyone feels the benefits of the economic surge. He acknowledged struggling businesses, job scarcity, and the persistent cost-of-living pressures many families face.
Despite these challenges, the Treasurer assured the public that the government remains focused on delivering essential services and addressing the needs of the community.
Conclusion: PNG 2024 Budget
As the live-streamed parliamentary session came to a close, the Treasurer's speech painted a comprehensive picture of the 2024 Budget, reflecting a commitment to fiscal responsibility, economic growth, and social well-being in Papua New Guinea.
Education Money:
The allocation of K6.67 billion to both health and education in the 2024 budget is commendable, signalling a commitment to the well-being and education of the people.
Importantly, it is crucial for the government to strengthen institutions like the Department of Education and the Department of Higher Education. Robust checks and balances, along with regular inspections, monitoring, and transparent reporting, are essential to ensure accountability and effective use of the allocated funds.
While the significant increase is promising, a thorough system of oversight will help guarantee that the money is utilised efficiently for the benefit of the community.
