Papua New Guinea Budget 2022

Lightning the Burden

With a theme of “lightening the burden”, the focus of the 2022 Budget is to continue budget repair and reconstruction. It’s outlook is well beyond the current term with a 13-year fiscal plan.

This long term forecast will enable a budget surplus in 2027 which is a big relief from the continued deficit budget.

For this, there are some key conditions that must be met:

  • Strong fiscal discipline;
  • Significant growth in tax revenues, predominantly in GST and excise;
  • Government financing with cheaper debt from bilateral and multilateral partners;
  • Non-resource sector growth of 5% per annum, including agriculture, forestry & fishing, SMEs and the informal economy;
  • Recommencement of Porgera in the second quarter of 2022;
  • Undertaking comprehensive Government SOE reform program for cheaper energy, internet, and water; and
  • Enabling foreign exchange.

Government continues its intention to support key development and infrastructure programs across the country through it Connect PNG initiative.

Published : November 2021 

Papua New Guinea Budget 2022
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