Presentation before Chamber of Deputies of General State Budgets

The Prime Minister of the Government, Charged with Administrative Coordination, Francisco Pascual Obama Asue, together with the ministerial team, appeared on 16th August before the plenary session of the Chamber of Deputies, to present the General State Budgets and the Draft-project for the General transport Law.

The appointment with the Prime Minister and his Government team took place at the behest of the Chamber of Deputies, to report to the plenary session on the Draft-Projects for Laws on Liquidation of the General State Budgets for the 2017 economic period, and the Draft-Project for the General Road Transport Law, respectively.

Obama Asue, during his appearance, highlighted the fact that growth in the global economy in recent years, and in the CEMAC subregion, will favour an improvement in the national economy. However, he warned that, both in the global and the subregional economies, there remain challenges and risks that could hinder the current growth indicators.

With regards to the national economy, he mentioned that the policies adopted by the Government, such as those related to public spending, greater control over income, and the rise in the price of hydrocarbons. Along these lines, he said that the execution of the budget in the first quarter of 2018 concluded with a negative result, some 23% lower that the same period from the previous year, despite having recorded an increase of 30% in collection, due to the implementation of actions led by the government.

The General State Budgets for 2018 could not accompany these drafts, among other reasons because of the negotiations in progress between the Government and the International Monetary Fund. With respect to the Draft-Project for the General Road Transport Law, the Government intends to introduce greater enthusiasm into the sector, taking into account the extensive network of roads throughout the country. To that end, the Prime Minister pointed out that the Government would continue to adopt measures of readjustment, in order to promote the growth of the national economy. The two parliamentary groups from the lower Chamber, that of the Democratic Coalition and the PDGE, unanimously backed to proposals presented by the Government.

Source: Equatorial Guinea Press and Information Office

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