Papua New Guinea: Net incurrence of liabilities, total (current LCU)

Key figures

What the numbers say

In 2024, Papua New Guinea's net incurrence of liabilities, total (current LCU) fell 40.6% on 2023 (from 4.26 billion to 2.53 billion).

Across the 21 yearly changes before that (1991 to 2023), the average change was +106.2% and a typical year strayed about 259% from that (the standard deviation). This year's change was 0.6 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 746.3% in 1999 and the biggest yearly fall was 73.8% in 1994. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2015 to 2024 there is no clear straight-line trend: a straight line explains 13% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2024, Papua New Guinea had the 46th highest value of the 55 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Papua New Guinea in the 2024 ranking

• Zambia — 43rd of 55: 5.27 billion
• Switzerland — 44th of 55: 4.11 billion
• Belarus — 45th of 55: 3.4 billion
• Kyrgyz Republic — 47th of 55: 2.34 billion
• Georgia — 48th of 55: 1.93 billion
• Azerbaijan — 49th of 55: 1.61 billion

What this measures

Net incurrence of government liabilities includes foreign financing (obtained from nonresidents) and domestic financing (obtained from residents), or the means by which a government provides financial resources to cover a budget deficit or allocates financial resources arising from a budget surplus. The net incurrence of liabilities should be offset by the net acquisition of financial assets. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.

Limitations: For most countries central government finance data have been consolidated into one account, but for others only budgetary central government accounts are available. Countries reporting budgetary data are noted in the country metadata. Because budgetary accounts may not include all central government units (such as social security funds), they usually provide an incomplete picture. In federal states the central government accounts provide an incomplete view of total public finance. Data on government revenue and expense are collected by the IMF through questionnaires to member countries and by the Organisation for Economic Co-operation and Development (OECD).

All 24 values

Net incurrence of liabilities, total (current LCU) in nearby economies

• Australia — 81 billion (2022)
• Cambodia — 4.85 trillion (2023)
• Fiji — 663.44 million (2024)
• Kiribati — -12.76 million (2023)
• Korea, Rep. — 51.22 trillion (2024)
• Lao PDR — 1.27 trillion (2022)
• Malaysia — 76.85 billion (2024)
• Marshall Islands — -241,000 (2020)
• Micronesia, Fed. Sts. — 5.59 million (2020)
• Mongolia

More public sector data for Papua New Guinea

• Military expenditure (current USD) — 106.48 million (2025)
• Military expenditure (current LCU) — 441.91 million (2025)
• Military expenditure (% of GDP) — 0.35% (2025)
• Military expenditure (% of general government expenditure) — 1.59% (2025)
• Armed forces personnel, total — 4,000 (2020)
• Armed forces personnel (% of total labor force) — 0.12% (2020)
• Net acquisition of financial assets (current LCU) — -1.4 billion (2024)
• Net acquisition of financial assets (% of GDP) — -1.18% (2024)
• Central government debt, total (current LCU)

Reading data like this

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Questions people ask

What is Papua New Guinea's net incurrence of liabilities, total (current LCU)?

2.53 billion in 2024, according to the World Bank (World Development Indicators).

How has it changed since 1990?

It is up 22,706% from 11.11 million in 1990 (17.32% a year on average, compounded). The highest value was 7.96 billion in 2021 and the lowest 11.11 million in 1990.

How does Papua New Guinea rank?

46th highest of 55 economies with data for 2024.

Is the latest change in net incurrence of liabilities, total (current LCU) unusual for Papua New Guinea?

In 2024, Papua New Guinea's net incurrence of liabilities, total (current LCU) fell 40.6% on 2023 (from 4.26 billion to 2.53 billion). Across the 21 yearly changes before that (1991 to 2023), the average change was +106.2% and a typical year strayed about 259% from that (the standard deviation). This year's change was 0.6 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Source

World Bank, World Development Indicators, indicator GC.LBL.TOTL.CN, licensed CC BY 4.0. Original source: Government Finance Statistics Yearbook and data files, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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