From Allafrica.com


D1,733m Budget for 2003

The Daily Observer (Banjul)
NEWS
December 2, 2002
Posted to the web December 3, 2002

By Bakare Muritala & Alieu Badara Ceesay
Banjul

The secretary of state for Finance and Economic Affairs, Famara Jatta said
Friday to the National Assembly that the total consolidated revenue for the
Year 2003 fiscal budget is estimated at D1,733.1 million.

Presenting the Draft Estimates of the Recurrent and Development
Expenditure, Mr Jatta said the 2003 budget projected total tax revenue of
D1,192 representing an increase of 21% over the D1,422.9m for the current
lapsing year.

"This has been formulated to continue to support and reinforce the
achievement of poverty reduction objective of the government," he said.

The budget, he said assumed a 6% GDP growth for 2003 with an inflation
target of 7% and a budget deficit programmed at 4.3% of the GDP.

He said there was need to restrict the budget expenditure to secure
macroeconomic stability and help bring down domestic debt.

Mr Jatta told the Members that the 2003 Budget must be fully
implemented "as it is the year when completion point is reached under the
HIPC initiative.

At this completion point, the highly indebted poor countries debt relief of
over US$90 million will be irrevocably committed by donors in support of
the poverty reduction strategy paper," he said.

Mr Jatta however urged the member to ratify the estimated amount for the
budget. "The support of the National Assembly is strongly solicited to
ensure that heavy extra budgetary expenditures are not requested and that
concessionary donor funds are used to finance the relatively short-term
capital projects," he said.

The Speaker of the Assembly, Sheriff Mustapha Dibba, however called for the
adjournment of the deliberations on the budget so that the Members could
make their consultations before the final approval of the budget by the
National Assembly.




--
There is a time in the life of every problem when it is big enough to see,
yet small enough to solve (Mike Leavitt)

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