Foreign Exchange Repair and Job Creation Lead 2025 Budget Priorities : PNG Treasurer
Port Moresby, June 25, 2024 — Papua New Guinea’s Treasurer Ian Ling-Stuckey has announced that a four-year foreign exchange repair plan will be a cornerstone of the 2025 Budget. The Kavieng MP, who recently welcomed his reappointment as Treasurer, emphasized the demanding nature of his role and pledged to ensure that the nation’s macroeconomic progress translates into tangible benefits for its citizens.
"The role of Treasury Minister is a demanding responsibility. I will again dedicate myself to making sure that our recent macroeconomic gains are translated into better gains for our people,” Ling-Stuckey said.
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| Foreign Exchange Repair and Job Creation Lead 2025 Budget Priorities : PNG Treasurer |
Ling-Stuckey, who is also serving as the acting Finance Minister, highlighted the Prime Minister’s clear expectations for his role. He reaffirmed his commitment to improving the economy for the benefit of the populace.
“In broad terms, I am re-committed to ensuring we get the economy working better for our people,” he stated.
Reflecting on his interactions with constituents and leaders, Ling-Stuckey acknowledged the challenges faced by many in Papua New Guinea. “As I travel around my remote rural island electorate, as I talk to community and business leaders, as I talk to other members of Parliament, I do understand the struggles that our people are facing,” he said.
During the Australian Ministerial Forum last Wednesday, Ling-Stuckey pointed out Papua New Guinea’s poor economic and social indicators compared to other regional nations. This sentiment was echoed in discussions with the Asian Development Bank, where the nation’s lagging development was a primary concern.
"This was the focus of a World Bank seminar held in Mt Hagen on May 30 for jobs and growth, with other Ministers all highlighting how much better the Government had to do. Our people have every right to feel frustrated at the lack of gains since Independence," he remarked.
Looking ahead to the 2025 Budget, Ling-Stuckey outlined several key priorities. Foremost is the establishment of a four-year foreign exchange repair plan, developed in coordination with economic ministries and international partners. Additionally, there will be a renewed focus on job creation and addressing cost of living pressures.
"We will redouble our focus on creating more and better jobs. We will take further actions to deal with cost of living pressures facing families as the need arises. And we will work to improve transparency on our budget operations," he concluded.
Ling-Stuckey’s statements underscore his commitment to addressing the economic challenges faced by Papua New Guinea and improving the overall well-being of its citizens.
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