Posted By Staff Reporter
The PANGU-led Government handed down the country’s largest yet national budget on Tuesday 29th November 2022. At the 2023 Budget Press Lock-Up, Treasurer Ian Ling-Stuckey said the Marape-Rosso Government remained committed to budget repair and reconstruction with a 13-year plan projection to eliminate debt and achieve Budget Surplus in 2027, whilst also increasing the capital budget. Minister for Finance and Planning Rainbo Paita announced that the aggregate Capital Investment Budget for 2023 stands at K9,796.0 million. This is a 12% increase from the 2022 appropriation of K8,751.6 million. Minister Paita emphasized the significance of the Capital Investment Budget, especially for the Government to heighten the important achievements gained and initiating an intense pace towards greater economic growth for PNG as the country heads into its 50th Independence Anniversary in 2025.
“The increase in the Capital Investment Budget is about trying to manage how we can tick off big ticket items such as Connect PNG which is the flagship program for us as a government. Connect PNG is unlocking every province and district that is still locked up. This critical infrastructure which we think are major enablers of our people in terms of supporting agriculture and SME; all this is getting everyone to be part of the nation building process,” Minister Paita said. Capital Investment Budget is the key expenditure plan of Government that is structured to deliver its economic development priorities come 2023. It aims to drive progressive sustainable growth, and share its tangible development benefits equitably and strategically to realize the vision of the Marape-Rosso Government. “With a plethora of development aspirations before us, implementing the critical policy directions of the Government versus the fiscal challenges we have before us requires us to rationalize investments and ensure the greatest economic returns,” Minister Paita said. The major initiatives the Marape-Rosso Government is undertaking are: 1. Connect PNG; 2. Land Partnership Program 3. Special Economic Zones (Including PMIZ) 4. Agriculture Sector and Commodities Support 5. Small and Medium Enterprise 6. Provincial and District Infrastructure 7. Provincial and District Hospitals 8. Education Interventions 9. PNG University of Medicine and Health Sciences 10. Law and Order 11. Government Office Precinct 12. National Hydro Development and Energy Development 13. Information and Communication Technology 14. Public Private Partnership Next : 18 Potential Economic Zones In PNG Identified Comments are closed.
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