On 13th November, in the Senate, the preliminary study began of the draft law on General State Budgets for the upcoming 2019 economic period, and the execution to 30th June of the General State Budgets for this 2018 period.
The Ad-Hoc Commission, moderated by the senator Ilidio Boya Riochi, began its analysis of the execution report to 30th June for the General State Budgets for 2018, which shows that the budget execution for that period closed with a total generation of income of 782,112 million Franco CFA, a higher figure than the one recorded for the 2017 economic period.
Out of these 782,112 million, the income from petroleum rose to 651,820 million, and non-petroleum to 123,292; while spending during the period rose to 601,162 million, from which current account spending was 351,062 and investment spending was 250,700 million to finance various projects of economic and social interest.
For their part, the members of the commission led by the senator Jaime Ela Ndong studied the draft of the General State Budgets for 2019, analysing both the preamble and each of the articles in the document.
The budgets for 2019 have three main aims: fiscal consolidation, structural reform and the conclusion of an economic programme with the International Monetary Fund. The Government will adopt an economic policy based on the control of public finance and the promotion of diversification in means of production, to thus recover and maintain the growth of the economy.
During the preliminary analysis of the documents, the members of the corresponding commissions noticed certain aspects which raised doubts, and which require clarification. To do that, they agreed to call the Government to respond to the questions that are arising with respect to this project.
Source: Equatorial Guinea Press and Information Office