Parliament sat briefly and unexpectedly yesterday to pass the 2021 National Budget legislation after Speaker Job Pomat ruled that last Friday’s surprise adjournment was illegal. It may not sit again until April 2021.
Department of Treasury
The suspension of Parliament means that Papua New Guinea’s 2021 National Budget will be delayed until at least next month and possibly longer. Whenever it is finally delivered – and whoever delivers it – the recently released Budget Strategy Paper clearly outlines the challenges it must address.
Two new reports have outlined the revenue challenges being faced by Papua New Guinea’s government in the face of the COVID-19 pandemic.
With Papua New Guinea’s government debt set to rise to over 40 per cent of GDP due of the COVID-19 crisis, the International Monetary Fund’s PNG Mission Chief, Scott Roger, explains how the IMF is helping the country get back on a sustainable financial course.
Dodging the debt trap: Papua New Guinea’s government must be cautious with COVID-19 spending
Papua New Guinea’s National Executive Council has announced that K600 million will start to flow to the health, security, agriculture, business and household sectors as a first step in the government’s K5.7 billion coronavirus Economic Stimulus Package. Treasurer Ian Ling-Stuckey said this is K100 million more than was initially planned.
The government’s COVID-19 bond was oversubscribed after the first week, according to Treasurer Ian Ling-Stuckey. He said over K1 billion was raised and that the money will help protect Papua New Guineans from the worst effects of the coronavirus pandemic.
Papua New Guinea’s government has announced its Budget deficit will balloon to more than K6 billion, the biggest in the nation’s history. Treasurer Ian Ling-Stuckey has announced a well-targeted stimulus, but the International Monetary Fund needs to come to the party.
A change of government, two budgets, new infrastructure, stalled resources projects – these are just some of the features of the year in business in Papua New Guinea. Here’s how Business Advantage PNG reported on 2019.
The Papua New Guinea Government has tabled its 2020 Budget, forecasting a big deficit designed to stimulate growth in the non-resources sector of the economy.