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  "documentTitle": "National Budget 2024/25 For Our Humanity: Now's the time to work together.",
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      "text": "Government borrowings continue to grow in nominal terms (from PGK61.9 billion in 2024 to PGK64.9 billion in 2025), reflecting the financing of accumulated budget deficits.",
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      "text": "Total Real GDP (%): 4.7%",
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      "text": "Government borrowings continue to grow in nominal terms (from PGK61.9 billion in 2024 to PGK64.9 billion in 2025), reflecting the financing of accumulated budget deficits. However, with a growing economy the scale of borrowings as a share of GDP is expected to fall (to 47.4 per cent in 2025, from 50.5 per cent in the year prior).",
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      "text": "Although framed around security and law and order, operational expenditure increases in the current budget also focus significantly on health and education. These latter two portfolios collectively account for more than one-third of the budget's operational expenditures with significant increases in budget allocations to fund growing staff costs.",
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      "text": "Consistent with the 2025 Budget's anticipated stable global and domestic economic outlook, and a continuation of the existing Bank of PNG managed foreign exchange controls, the Kina Facility Rate (KFR) and Government bond yields are expected to remain unchanged in 2025, at 4.0 per cent and 7.0 per cent, respectively.",
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      "text": "Expenditure priorities\nAt its core, a government's budget is about articulating the trade-offs between and amongst different revenue and expenditure priorities, and balancing those fiscal priorities over time. Those trade-offs are complex - is it better to spend more on education, health, security or infrastructure? should we borrow today and commit a share of future revenues to repay that debt? - and made more challenging by the dynamic settings in which budgets are framed, where future revenue outcomes are also uncertain.",
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      "text": "Figure 1: Key Assumptions table containing economic growth, inflation, interest rate, and mineral price data from 2019-2029.",
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