The Plenary Session of the Chamber of Deputies passed on 30th August the draft Law to Sign Off on the General State Budget for the latest economic period of 2017, and the report presented by the Government on the execution of the state budget during the first quarter of this year, after hearing a reading of the act and the verdict of the parliamentary commission that analysed the documents.
This plenary session took place under the moderation of the President, Gaudencio Mohaba Mesu, with the participation of a Government delegation led by the Second Vice Prime Minister, Charged with Parliamentary Relations, A�ngel Masie Mibuy, and the Minister for the Economy, Finance and Planning, Lucas Abaga Nchama.
In 2017, the Collected State income was 1.2 billion Franco CFA, against costs summing 1.3 billion, creating a fiscal deficit of 149,565 million.
The execution of the General State Budget during the first quarter of this economic period, in turn, resulted in a transitory deficit of 6,821 million Franco CFA, with income to a value of 293, 649 million, against costs reaching 300,470 million.
The Parliamentary Commission for the Economy, Trade, Finance and Budgets reported to the plenary session that, during the analysis of all the documents and annexed tables, the deputies made a series of recommendations to the Government delegation, all with the intention of improving the collection mechanisms for income, and reducing the existing difficulties for the movement to the Insular Region of articles produced in the continental region, and vice versa.
The act, read by the secretary of the commission, Juan Fernando Nvara Engonga, brought together the recommendations made by the people’s representatives for the reorientation of autonomous bodies, the management of which is in deficit; greater control of exonerations and the need to update the record of the rustic and urban estates throughout the nation, in order to increase the collection of taxes in the sector; recommendations for which the Government Delegation, which took part in the deliberations, declared to have noted, in order to implement actions which provide a progressive response to these concerns.
After listening to the act and the verdict of the parliamentary commission, the parliamentary groupings spoke. The first to speak was the Spokesperson from the Democratic Coalition, Salvador Nguema Mangue, who praised and supported the efforts of the Government to contain public spending, against the current situation of economic recession, and recommended the taking of steps leading to greater collection of non oil income and a reduction in taxation, in order to increase the consumption of goods and services, with the aim of reactivating the national economy.
The PDGE group, through its spokesperson, Miguel Edjang Angue, also praised the adjustment measures implemented by the Government to improve macroeconomic indicators, which has led to a slowing of the deceleration of the national economy, a reduction in public spending, an improvement in the collection of non oil income, and a reduction in inflation.
After these pronouncements, the draft Law to Sign Off on the State Budget 2017 and the report on the execution of public accounts in 2018, to 31st March, were unanimously approved by the Plenary Session of the Chamber of Deputies, and submitted to the following parliamentary procedure, for a second reading in the Senate.
The Minister for the Economy, Finance and Planning, Lucas Abaga Nchama, praised the deputies for the unanimous support, while describing as positive the work carried out by the parliamentary commission and the pertinent amendments, observations and recommendations proposed during the deliberations.
Gaudencio Mohaba Mesu, who oversaw the deliberations, wished them luck and good decisions in their functions at the Ministry for the Economy, and reiterated the support of his parliamentary institution for the initiatives executed by the Government in favour of the development and well-being of the people of the Republic of Equatorial Guinea.
Source: Chamber of Deputies Press Office