The amended draft budget bill presented on August 14, 2018 to the National Assembly of Guinea by Ismael Dioubaté, the Minister of the Budget, provides for major adjustments compared to the initial forecasts for the current year.
Thus, the originally planned revenues of 18 thousand 537 billion 1 million fall to 16 thousand 434 billion 26 million Guinean francs. That is a decrease of 11.34%, which represents -2% of GDP. As a percentage of GDP, revenues fall from 18.62% to 15.42%. Expenditure in% of GDP is reduced from 20.9% to 17.75%.
Revised expenditure projections are also reduced from 20 thousand 861 billion 5 million on the initial budget to 18 thousand 899 billion 5 million francs, a decrease of 9, 41% representing -1.84% of the national GDP.
This decline in forecasts is justified by the boss of the budget by lowering tariffs on petroleum products following the maintenance of the retail pump price of 8,000 FG per liter despite the rise in the price of a barrel on the international market. has generated, according to him, losses estimated at 220 billion francs in the first quarter of the year.
He also noted the repayment of domestic arrears amounting to about 1% of GDP in the first two months of the year; the inclusion of 20% of the salaries of civil servants following the increase of 40% following the implementation of the Memorandum of Understanding between the Government and the SLECG last March; the passage of the health budget to 7% excluding finex against 4.5% or the budgetary impact of the new government structure …
In addition, the Guinean economy in general remains on its positive spiral with a forecast at 5.8 growth rate, despite inflation at 8%. Import reserves at the Central Bank are estimated at three months.
