Since 27th February, the deputies have been taking part in a new seminar workshop on budget management in Equatorial Guinea, organised by the Table at the institution, in inter-institutional collaboration with the Government, through the Secretary of State Charged with the Treasury.
This is the second seminar to take place at the Chamber of Deputies since the start of this legislature, and its aim is the provide the representatives of the people with greater knowledge of the importance of good management of the General State Budgets, in accordance with international standards and the legal framework under which they are governed, from planning and programming, to final control and execution.
The Department of the Public Treasury considers that a large part of the fiscal indiscipline which has been recorded in the country in recent years, is the result of a lack of knowledge of the budget system and the obligation to comply with it, and for that reason the presentations will focus on the macro-economic impact of the General State Budget in the Equatoguinean economy, particularly in fiscal policy.
Equatorial Guinea is a member of the Economic and Monetary Community of Central Africa, and for that reason the legal framework for the budget process, in addition to meeting international standards, must also fall within the CEMAC regulations and directives.
At the opening ceremony, the Secretary of State, Charges with the Treasury, Milagrosa Obono Angue, underlined the importance of the General State Budget, which has the status of Law, and is obligatory; it is the soul of public finances and the sole instrument which can achieve the economic and social objectives, because within it is established the maximum spend for each year at the disposal of each State institution, and this becomes the financial availability of the bodies which provide public services to the population, which make up the programmes and projects of the Government.
Milagrosa Obono Angue also outlines, in this sense, the main functions of the public budget, fiscal governance, the components of good management of public finances, macro-financial planning, the characteristics of good budget planning, and fiscal discipline.
Faced with the current situation of public finance, the Government is continuing to adopt the economic and financial measures adopted in 2015 in order to re-establish the national economy, and is negotiating the signing of a financial and technical assistance agreement with the International Monetary Fund.
The Secretary of State for the Public Treasury considers that the crisis affecting economies which depend on natural resources is transitory and that, with the implementation of these economic and financial measures and the assistance of international bodies, it will be possible to recover the monetary reserves and return to the path of permanent inclusive economic growth for the entire population.
This interactive meeting serves to evaluate the budgetary system in Equatorial Guinea, and the structural actions to be implemented by the Government in order to improve it, because it is desirable for the various players that intervene in the programming, execution, control, monitoring and legal approval of the General State Budgets manage to make them an effective tool of fiscal policy, in order to achieve the aims in the National Development Plan.
In his opening speech, the President of the Chamber of Deputies, Gaudencio Mohaba Messu, called on the deputies to not turn this seminar into an examination session for the Secretary of State, Charged with the Treasury, and her team of director generals, but that it fitted within the framework of exchange sessions, in which the people’s representatives may present recommendations and put questions to the Government.
Gaudencio Mohaba indicated that we are in a general economic crisis situation, in which greater rigour and discipline is required in the handling of public funds, a task in which the Chamber of Deputies must set an example, in the assimilation and observance of budgetary discipline measures.
Source: Official Web Page of the Government of the Republic of Equatorial Guinea