In his presentation of the Government Budget and Statement of Economic and Financial Policies for the Financial Year 2022, the Minister of Finance, Dennis Vandi sounded very upbeat about the country’s economy.
The Minister informed Members of Parliament that, “Preliminary data for the first three quarters of the year indicate that the economy is recovering from the contraction in 2020.
Mr. Dennis Vandi disclosed that “Domestic revenue collected from January to September 2021 amounted to Le4.9 trillion. Of this, Income Taxes contributed Le1.84 trillion; Goods and Services tax Le936.7 billion; Customs and Excise Duties Le1.04 trillion; Mining Revenues Le230.6 billion; Royalty on Fisheries Le58.8 Billion; Treasury Single Account (TSA) agencies Le312.2 billion; other MDAs Le56.0 and Road User Charges Le158.7 billion. Total domestic revenue is projected to reach Le6.81 trillion (15.2 percent of GDP) by the end of 2021”.
According to the Finance Minister, The World Bank is expected to disburse additional budget support of US$75 million before the end of the year.
Grants received from development partners are expected to amount to Le2.04 trillion by the end of 2021, according to the Finance Minister.
This is the first-ever budget presented by Dennis Vandi since he was appointed as Minister of Finance on 7th May, 2021.
