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Saturday, September 23, 2023

Finance Minister says gov’t received no budget support in first half of 2023

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By Omar Bah

The minister of finance Seedy Keita yesterday briefed the National Assembly on how the 2023 budget was managed and executed during the first half of the 2023 fiscal year.

 He explained that government had estimated D1.48 billion as budget support but in the first half of the year no programmes for budget support were realised which led to a variance of the same magnitude.

He said the consolidated GLF revenue under performed by 17 percent below budget as of end of June, caused by the non-realisation of the budget support which are now expected in the second part of the year.

According to the minister the weak performance of the non-tax component of the revenue stands at 25.61% less than projected while the GLF expenditure during the period under review stands at D9.8 billion, 22.45% below.

Keita said the expenditure estimated for the first half was D12.7 billion but the actual expenditure came to D9.86 billion, leaving a saving of D2.8 billion.

He said the key components of that were because they budgetted D1.59 billion for debt interest when they actually spent D1.295 billion.

“Other expenditure categories were D11.116 billion against an actual expenditure of D8.5 billion leaving a saving of D2.5 billion and the key components are as follows: personnel – D2.8 billion which turned out to be D3.3 billion, other current expenditures- D5.8 billion which turned out to be D4.8 billion leaving a saving of D1.7 billion while capital expenditure was D2.4 against D1.15 billion,” he said.

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