The Standing Committee on Finance, Economy, Trade and Planning of the Senate is studying the Amending Budget for 2015, with the assistance of a Government delegation led by Minister of Economy, Conrado Okenve Ndoho, and also comprised of the Secretary of State for Budgets, Miguel Engonga Obiang.
The work of this committee consisted of the study and analysis of the Draft Amending Budget for 2015, sent by the Chamber of Deputies to the Senate for the second reading.
The reduction in non-oil revenues as a result of the sharp fall in oil barrel -which has gone from $90 to $45 and has meant a fall of 58% compared to initial estimates, along with the difficulty in raising non-oil tax revenues due to the slowdown in economic activity and cuts in public spending, are the key hypotheses on which the Government based drawing up this amending budget.
The members of the committee are conducting a thorough and detailed analysis of this study, with the presence of heads of departments. They have studied the modifications, amendments and recommendations made by senators to improve and enrich the original document.
The committee hopes that once it earns the approval of the full Senate and proceeds to the next step, this Amending Budget can pursue the objectives that the Government has presented with the amendment of Articles 2, 3, 10, 12 and 14 of the General State Budget for the Fiscal Year 2015.
As a result of this work, the Senate approved an Amending Budget for the Central Administration of one trillion, three hundred and seventy-three billion, four hundred twenty million, four hundred and nineteen thousand, five hundred and eleven CFA francs for Chapter on Income (1,373,420,419,511 CFA francs).
Moreover, expenditures are estimated at one trillion, seven hundred and seventy-two billion, five hundred seventy-six million, eight hundred and sixty-eight thousand (1,772,576,868,000 CFA francs), with a deficit of three hundred and ninety nine billion, one hundred fifty-seven million, three hundred and fifty-six thousand, six hundred ninety-five CFA francs (399,157,356,695 CFA francs), resulting in a balanced budget.
Moreover, they are also considering the approval of a loan of seven hundred and five billion, sixty-nine million, eight hundred and sixty-eight thousand CFA francs (705,069,868,000 CFA francs) for the implementation of programs and obligations of expenses of the Central Administration and its public agencies.
The members of the Committee on Finance, Economy, Trade and Planning will continue working in upcoming days on the study and analysis of the Amending Budget, as well as the Law Decree on Toll Fees, a document for which, in addition to the Government delegation that usually works with the Senators, will be assisted by the Secretary of State for Tolls, Luis Oyono Esono, to give clarifications and explanations on the functioning of tolls national highways and control mechanisms in the collection and management implemented on funds generated by tolls and road maintenance.
Text: Pilar Cecilia Ayecaba Ndong (Senate Press Office)
Photos: Miguel Angel Andjimi Ndong (D. G. Base Internet)
Equatorial Guinea’s Press and Information Office