The Minister for Information, Press and Radio, Eugenio Nze Obiang, offered a press conference on the Second Council of Ministers meeting of 2018, which was held on Wednesday 11th July. The meeting was overseen by the Head of State and the Government, H. E. Obiang Nguema Mbasogo, and was also attended by other members of the Government, such as the Prime Minister, Francisco Pascual Obama Asue.
The meeting covered a total of eleven points on the agenda, which were:
– Reading and approval, if applicable, of the minutes from the previous session.
– Synthesis report from the Prime Minister
– Liquidation project for the General State Budgets for the 2017 Economic Period
– Modification project for the General State Budgets for the 2018 Economic Period
– Report on the execution of the budget for the first quarter of this year
– The setting of new income targets for ministerial departments
– The updated report on negotiations with the IMF and the World Bank
– Report on the roll-out of the Single Business Window
– Justification of current account income for the months of April, May and June 2018
– Report on the meeting with autonomous institutions regarding the adoption of measures to guarantee operations and profitability
– Report on the reactivation process regarding the membership of the Republic of Equatorial Guinea of AFRE-XIM-BANK, signed on 6th June 2018
The report presented by the Prime Minister, Francisco Pascual Obama Asue, states the willingness of the Government to receive advice from the Head of State in order to adapt Government actions.
Lucas Abaga Nchma indicated that the project for the liquidation of the general budget, for the 2017 period, had taken place within an economic context dominated on an international level by the consolidation of GDP of 3.7%, against 3.1% in 2016, as a consequence of the economic recovery.
In the CEMAC area a slight improvement in the GDP was noted (0.1% against -0.2% in the previous period); and regarding inflation, there would also be a slight improvement, indicating 1% for the 2017 period.
With respect to income, one of the priority actions in order to meet the taxation targets is the implementation of Decree number 134/2015, that the Government adopted in order to improve the fiscal and budgetary framework.
The Minister for Finance declared that it is necessary to increase non-petroleum income, and consolidate the containment of public spending, through measures such as the creation of the Single Business Window.
The minister also commented on the report from the International Monetary Fund and the World Bank, indicating the adoption of measures to stop the economic crisis in the subregion. The two institutions have praised the Republic of Equatorial Guinea for the declared willingness of the Government regarding the levels of reduction in the deficit for 2017.
For her part, the Secretary of State, Charged with the Treasury, Milagrosa Obono, presented the table with the new income ceilings for the various ministerial departments.
Furthermore, the Deputy Minister for Trade reported on the roll-out of the Single Business Window.
In any other business, Francisco Pascual Obama Asue presented and commented on the report regarding the meeting with autonomous institutions for the adoption of measures guaranteeing operations and profitability.
Source: Official Web Page of the Government of the Republic of Equatorial Guinea