Treasurer Hon Ian Ling-Stuckey Photo: Department of National Planning & Monitoring
Papua New Guinea Treasurer Ian Ling-Stuckey has presented his new budget, promising to facilitate growth to record levels.
It is a record budget of 27.377 billion kina or US$7.195 billion, the largest in the country's history Ling Stukcey told MPs on Tuesday.
It will have a deficit of 3.98 billion kina, or just over a billion US dollars, and that is forecast to be down a billion kina on the current budget.
The Post Courier reports Ling-Stuckkey telling Parliament that it was a no surprises budget with much of the growth underpinned by greater development of the non-resource sector.
There is also more money set aside for infrastructure development.
The treasurer has also placed significant emphasis on more funding for social services, law and order and to ease the cost of living pressures on ordinary PNG families.
The National newspaper quoted Ling-Stuckey saying the budget is part of the government's plan to build a much bigger economy.
"I can assure the people of PNG that things are getting better. Higher incomes and more jobs," he said according to The National's report.
He predicted to parliament that the PNG economy would reach 300 billion kina and one trillion kina by 2048.