PNG Debt Crisis Deepens Under Marape, says Kramer
Papua New Guinea must urgently curb its spending and lift revenue if it wants to avoid deeper economic pressure, Shadow Treasurer Bryan Kramer has warned in Parliament. He said the country’s debt position has worsened rapidly since Prime Minister James Marape came into office.
Kramer said national debt has almost doubled, rising from K33.7 billion in 2019 to K66.5 billion in the 2026 budget year. He said this happened because the Government consistently spent more than it collected, with K47 billion in overspending recorded between 2019 and 2025.
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| PNG Debt Crisis Deepens Under Marape, says Kramer |
He told Parliament that the Government’s large budgets depend on revenue targets that never materialise, pushing PNG to borrow heavily each year. He warned that this cycle would burden future generations with mounting repayments if financial discipline is not restored.
Kramer said two successive governments had allowed excessive spending to become normal practice. He said the Prime Minister must now accept responsibility for the state of the economy instead of shifting blame to former leaders.
He urged the Government to adopt realistic budgeting and strengthen revenue collection to stabilise the country’s finances.
“Peter O’Neill is no longer in charge. The buck no longer stops with him,” Kramer said.
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