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| Momodou |
Posted - 28 Nov 2018 : 12:36:59
The Budget
Foroyaa: November 27, 2018
http://foroyaa.gm/the-budget/
The National Assembly members are on a retreat to review the estimates and prepare themselves for the budgetary session. Many people are wondering whether salaries would be increased. Pensioners are also expecting a rise in what is commonly referred to as starvation benefits. The Minister in his statement to parliamentarians said salaries of civil servants will increase by 50 percent and pensions by 100 percent.
The Minister also indicated that debt interest payment will consume 25 percent of tax revenue. The growing indebtedness of the country cannot be ignored in assessing the capacity of the Government to maneuver its way out of the debt trap and the conditionality that usually accompanies being classified among the heavily indebted poor countries. Foroyaa will follow the budget session and enable the reader to get all the details on the state of the economy.
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| 1 L A T E S T R E P L I E S (Newest First) |
| Momodou |
Posted - 28 Nov 2018 : 12:38:25
‘25.28 Billion Dalasi Projected for Year 2019’ Finance Minister
Foroyaa: November 27, 2018
By: Kebba AF Touray
http://foroyaa.gm/25-28-billion-dalasi-projected-for-year-2019-finance-minister/
The Minister of Finance and Economic Affairs, Mamburey Njie, said the projected total revenue and grants in the 2019 fiscal year, stands at D25.28 billion, representing an increment of 27% over the 2018 figure of D19.84 billion. Njie disclosed these and other remarks yesterday at the National Assembly, while presenting the estimates of revenues, recurrent and development expenditures of the country, for 2019 fiscal year.
He unveiled that project grants are estimated to increase from D8.2 billion in 2018, to D9.9 billion in 2019, whilst the budget support which is estimated at D3.4 billion, is expected to come from development partners, mainly the European Union and the World Bank.
Njie continued that total expenditure and net lending is projected to increase from D20.76 billion in 2018, to D28.73 billion in 2019, representing an increase of 38%; that this is attributed to the development budget, which is primarily financed by development partners.
He further said that personal emoluments and expenditures are projected to increase significantly from D2.830 billion in 2018, to D4.137 billion in 2019, due mainly to a Cabinet proposal to increase the basic salary of Civil servants by 50% and a 100% increase for pensioners.
He said the Gambian economy is expected to grow by 6.8% in 2018, compared to 4.6% in 2017; that the agriculture sector by negative 8% in 2017 to 4.7% in 2018; that overall, the economy is expected to register a growth of 4.5% in 2019.
Njie stated that industry is projected to experience significant growth of 17% in 2018, compared to zero growth in 2017; that NAWEC’s energy sector grew by 20% in 2018, compared to an outturn of 4% in 2017; that mining and quarrying is expected to slightly grow from 12% in 2017, to 3% in 2018, with an improvement in construction sector from 8% to 19% in 2017 and 2018 respectively.
“The service sector is expected to experience a setback in growth from 10.6% in 2017 to 4.3% in 2018, due to an unexpected decline in performance on all components of the sector. However tourism continues to play a significant role in the services sector and remains the leading foreign exchange earner for the economy,” he said.
He said agriculture is forecasted to cover 23% of GDP in 2018; that the industry accounts for 16%, while the service sector is estimated to account for 16% of GDP in 2018. He said net domestic borrowing as end 2017, was less than D300 million, which is less than 1% of the GDP target.
“Debt interest payment is projected to consume around 25% of Government’s tax revenue in 2019, compared to 26% budgeted in 2018. Thus moving from D2.29 billion in 2018, to D2.70 billion in 2019. Non interest expenditure is estimated to increase from D9.67 in 2018, to D20.06 billion in 2019, and development spending is expected to increase from D11.08 in 2018, to D15.93 billion in 2019,” he concludes.
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