Surplus budget in 2027 on target: Prime Minister

Prime Minister James Marape is confident his government will return the country to a surplus budget before the next National General elections.

"We promise the nation by 2027, we will come back to a surplus, we on a fiscal consolidation, that means we are slicing our deficit, less borrowing [and] putting more to repaying our borrowings [loans] and come back to surplus in 2027," the prime minister said.

Arriving in Port Moresby from Samoa on Sunday after attending the Commonwealth Heads of Government Meeting [CHOGM], the prime minister said "We are on target" as the country's Treasurer Ian Ling-Stuckey expected to present next year's national budget when Parliament reconvenes on 26th November.

"We have proven in the last three [deficit] budgets, that we are in a consolidation pathway, I affirm what we are doing, ADB [Asian Development Bank] and World Bank affirms what we are doing…" Mr. Marape said.

He further said that in the last three money plans for the country, under his leadership, the national government allocated a billion dollars to loan repayments in each national budget and "this year hope to slice by another Billion Dollars."

The prime minister hinted that the Marape—Rosso Government's expenditure priorities will not change in the 2025 national budget.

In the last three years, major government development expenditures have been on free tuition education, law and order, the Connect PNG infrastructure program, and agriculture.

Meanwhile, the Department of Treasury acting Deputy Secretary for economic policy division, John Uware said the target of a balance budget by 2027 remains achievable with continued fiscal and prudent discipline.

He further highlighted that the commitment to reducing public debt remains unwavering with the Debt to GDP [gross domestic product] Ratio expected to fall slightly to 50.2% by the end of 2024 in line with the Fiscal Responsibility Act which keeps the debt limit at 57.5% of GDP.