Permanent Commission on Finance continues work

On Monday 1st October, the Finance, Economy, Trade and Planning Permanent Commission, moderated by the First Vice-President of the Senate, A�ngel Serafin Dougan Malabo, representing the President of the Upper Chamber, Teresa Efua Asangono, studied and evaluated in second reading the progress in the execution of the General State Budgets to 31st March 2018.

The report covering the first quarter of the 2018 economic period, presented by Salvador Esono Nchama, Second Secretary of the commission, highlights the fact that the execution of the budget to 31st March 2018 concluded with a total collection of two hundred and ninety-three thousand, six hundred and forty-nine million Franco CFA in income, representing 12% above the collection recorded in the period in 2017, and 2% above forecast, while three hundred thousand four hundred and seventy million Franco CFA were dedicated to costs, with a percentage of 11% greater that the same period in 2017, and 1% below forecast, so that six thousand eight hundred and twenty-one million Franco CFA is in need of financing.

The conclusions of the report indicate that despite the data, the trend for an decrease in non-petroleum income, due to the economic recession, is placing at risk the achievement of the aims set in the budget.

In another section of the document, the Government recognises that weaknesses remain in the execution of budgets, above all in the section regarding the volume of extra-budgetary costs and direct payments, which represent more than 60% of the costs executed through exemptions which continue to be above 50% of the customs payments made.

Along these lines, the report on the progress in the execution concludes by stating that it is necessary for the Government to continue with the implementation of the adjustment measures and reactivation of non-petroleum income, deducing that the efforts in the application of the measures of fiscal and structural policy in the short term must continue in order to respect the aims for the deficit set for the said economic period.

Various observations were presented with respect to the matter by members of the commission, whose concerns will require convincing answers during the upcoming appearance of the executive, with a view to simplifying and clarifying the presentation of the document in order to facilitate its work and understanding.

Source: Equatorial Guinea Press and Information Office

You May Also Like