2023-09-20 14:17:30
Presented by the Minister of the Budget, September 11 At the CNT (National Transition Council), the revenue component of the Amending Finance Law was adopted on Tuesday, September 19, by the majority of national advisors. In its report, the CNT announces growth of more than 1000 billion GNF and denounces several shortcomings and cases of flagrantity in the management of the Guinean economy.
From September 12 to 18, the draft of the 2023 Amending Finance Law was scrutinized by the advisors. President of the Planning, Financial Affairs and Budgetary Control Committee, Hamidou Camara declares that national advisors focused on the increase, decrease and cancellation of certain budget lines. According to him, this exercise allowed the CNT to find an amount of 362 billion GNF not taken into account by the services of the Ministry of the Budget in accordance with the Public Treasury dashboard of July 31, 2023.
Fatima Camara, general rapporteur underlines that “the draft amending finance law in its revenue section is evaluated at 29,029 billion GNF in LFR against 27,910 billion GNF in LFI, i.e. an increase of 1,118 billion GNF (4.01%) …Thus, the macroeconomic framework of the draft 2023 Amending Finance Law is summarized as follows: achieve a GDP growth rate of 6.1%; reduce the inflation rate to 9.2%, compared to 10.1% in LFI 2023; achieve a GDP tax pressure rate of 12% compared to 12.52%; bring the exchange rate against the dollar to 8,750 GNF against 9,054 GNF in LFI…”.
After examination in committee of the 2023 amending finance bill in its revenue section, taking into account the responses of ministers and their executives, Fatima Camara reports that to cover the budget deficit, the Minister of the Economy and Finance is authorized to : carry out asset sales for 0.01 billion, issue treasury bonds (BDT) for 11,727 billion, issue treasury bonds (ODT) and bond loans for 4,951 billion; use the exceptional overdraft of the Central Bank for 986 billion; contract external loans for 7,586 billion; collect reimbursements of guarantee deposits for 260 billion; and repay the capital of loans for 19,262 billion GNF, including 18,223 in domestic loans and 1,039 in external loans.
Of the breachs
At the end of the plenary, the CNT advisors deplored shortcomings in the management of revenues to be returned to the public treasury and the failure to take into account several of its suggestions. They made 23 recommendations to the government’s financial pool. They urge their consideration before the presentation of the initial finance bill LFI-2024.
The Minister of Economy and Finance, Moussa Cissé, representing his counterparts in Planning and Cooperation and that of the Budget, indicated that “this amending finance law takes into account the evolution of the context, in particular the forecast or the framing on growth which was of the order of 5.5% and which is projected at 6.9%. He adds that the regularization of certain credit invoices with budgetary advances could not be done without rectification. Hence the presentation of the 2023 amending finance law. According to him, which would have allowed tax revenues to go from 27,910 billion has 29 trillion, or an increase of 4,1%.
Abdoulaye Pellel Bah
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