PNG debt has doubled under Marape, says Kramer
Shadow Treasurer Bryan Kramer has told Parliament that Papua New Guinea’s debt level has almost doubled since Prime Minister James Marape took office in 2019.
Kramer revealed during the Opposition's response to the budget in Parliament today that the country’s debt has increased from K33.7 billion in 2019 to K66.5 billion in the 2026 budget year. He said this big jump has happened because the Government continues to spend more money than it brings in.
He said the Marape Government has overspent K47 billion between 2019 and 2025.
According to Kramer, the Government keeps promising large budgets every year, but these budgets depend on revenue targets that are never achieved. He said this pushes PNG to borrow more, making future generations responsible for paying it back.
“Two successive governments have normalised a structure where expenditure outruns realistic revenue,” Kramer said.
He told Parliament that the Prime Minister must now take responsibility and cannot continue blaming former Prime Minister Peter O’Neill.
“Peter O’Neill is no longer in charge. The buck no longer stops with him,” Kramer said.
Kramer said if PNG does not cut spending and increase real revenue, the country could face more economic pressure in the coming years.