TREASURER PRESENTS 2025 PROJECTED BUDGET

By NIGEL MADO

THE Minister for Treasury Ian Ling-Stukey presented the 2025 Budget to the House of Parliament, which will see an increase from this year’s budget.

During his introduction of the 2025 National Budget, the Minister stated that K28.3 billion will K980 million larger than K27.3 billion Budget for 2024, in which he and the Treasury Department project Revenue to grow to K25.4 billion, K2.01 billion more than the 2024 Budget of K23.3 billion.

Ling-Stuckey stated that due to the rapid increase in revenue over expenditure, the budget deficit reduces by K1.03 billion in 2025 to K2.9 billion.

He said the Budget Deficit has fallen from 8.9% of GDP in 2020 to just 2.2% of GDP in 2025, which is only one quarter the in 5 years adding that the debt sustainability continues to improve with the debt to GDP ratio dropping down to 47.4% in 2025.

He said in term of securing PNG through Police, Defence force and Judiciary the 2025 Budget is based on the theme of “Securing PNG in 2025 and Beyond,” with the centrepiece for this year’s budget is the police budget.

The Treasurer stated that headline in one of the Dailys last week stated on the “Police ask for K700 million,” to which he went on to add that the 2025 Budget gives the police more than they have asked for and will give them a 19% increase in wages, so they are able to grow the force to 10,000 by 2030.