2024 Budget Speech Overview

On December 5, 2023, the Honourable Dr. Teuea Toatu, Vice President and Minister of Finance and Economic Development, presented the 2024 Budget Speech to the Maneaba ni Maungatabu (Parliament). The speech, themed “Building a Secure and Prosperous Future,” underscores the government's commitment to translating national ambitions into measurable progress.

Key Highlights:

• Strategic Alignment: The budget aligns with the Kiribati 20-Year Vision (KV20), focusing on sustainable development and inclusive growth.
• Economic Outlook: Real GDP growth is projected to accelerate to 5.8% in 2024, primarily driven by higher consumption following a 38% increase in civil service wages.
• Fiscal Policy: The fiscal deficit is expected to widen to 22% of GDP in 2024, largely due to the wage increase and a decline in budget support from development partners.
• Revenue Mobilization: The government plans to implement the new Income Tax Act and amend the VAT Act to enhance domestic revenue collection.
• Public Service Enhancement: Continued investment in essential services such as healthcare, education, and infrastructure to improve citizens' well-being.

For a detailed breakdown of allocations and expenditures, please refer to the full 2024 Budget Speech document available below