PNG presents it biggest ever budget.

The Honorable Minister of Treasury and Finance Hon. Don Pomb Poyle handed over the 2012 Budget on behalf of O’Neill-Namah Government at the Parliament this afternoon at 2 PM. The theme of this year budget is “Sharing the Wealth & Empowering Our People”. This is the second annual budget of the Medium Term Development Plan (MTDP) 2011-2015 and the Development Strategy Plan (DSP) 2010-2030. This is the biggest ever budget presented at K10.5 billion more than 13% higher than 2011 budget of K9.3 billion. Focus on 2012 National Election, 2015 South Pacific Games, improving the road infrastructure and education Increased budget allocation for Key Priority Areas of Education, Infrastructure, Health, Law, Order and Justice The economy is expected to grow by 7.8 per cent in 2012 compared to the anticipated growth of 8.9 per cent in 2011.The Non-mining sector is forecast to grow by 7.4 percent in 2012 and Mining & Quarrying sector is forecast to grow by 20.2 per cent. The inflation level is expected to remain high at 7.6 per cent in 2012. Tuition Fee Free Education proposed for up to Year 10 and 75 per cent subsidy for Year 11 and 12 apart from various other measures to promote education. Establishment of a Sovereign Wealth Fund funded by the State revenues arising from the PNG LNG and other resource projects; Click here to download the PNG budget commentary presented by Shishya.