K440mil allocated to ease cost of living pressures

Aimed at easing the financial burdens faced by many Papua New Guinea families, the Government has set aside K440 million in the 2024 Budget to address the escalating cost of living challenges.

Treasurer Ian Ling-Stuckey unveiled this positive development during the presentation of the 2024 Budget in Parliament on Tuesday 28th November, 2023.

The K440m allocation is strategically directed towards alleviating the financial strain on parents by introducing school project fee subsidies. Under this initiative, parents will no longer bear up to 20 per cent of school project fees for any of their children attending schools.

This allocation comes as an additional measure to the commendable K1.177 billion already provided by the Marape Government over the past two years through its Housing Assistance Package, assisting families grappling with the strains of the rising cost of living.

The Marape Government remains steadfast in its commitment to addressing the economic challenges faced by Papua New Guinea's citizens, striving to create a more sustainable and prosperous future.

Furthermore, the Government is set to institutionalize the increment in the tax-free threshold to K20,000, incurring an estimated cost of K280 million. 
This move is particularly beneficial for workers earning K769 per fortnight or less, providing a fortnightly savings of K63. This additional income can be utilised to ease household expenses, contributing to improved financial stability for affected families.

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