2015 Papua New Guinea Budget
Facts, Figures and Key Takeaways
The 2015 Budget continues the overall strategy of the two previous budgets and illustrates the Government’s determination to stay the course with the set agenda. It continues funding the sector priorities of health, education and infrastructure development. However, implementation remains a concern.
The theme of the 2015 Budget was “Building Our Nation and Providing Opportunities for our People”.
Government listed five Key priorities and they were:-
- Enhancing opportunities for our people by building the foundation of the country while recognising the need for macro-economic stability;
- Promote the efficient and effective delivery of major projects;
- Increase direct funding to the provinces and districts;
- Continue to support policy priorities in health, education and infrastructure;
- Continue to strengthen the justice sector.
Total Revenue and Grants for 2015 are expected to total K13.927 billion while budgeted Total Expenditure is expected to be K16.199 billion leading to a deficit for 2015 of K2.272 billion.
This amounts to 4.4% to GDP and the Government states it is a step to return the Government’s budget deficit to a balanced position by 2017. As described below the Government is also predicting a substantial improvement in its debt position to a ratio of debt to GDP of 27.8% in 2015, considerably better than the target of 35% originally set last year.