The Minister of Finance, Sheku Ahmed Fantamadi Bangura, has at the maiden press conference of the Ministry of Information and Civic Education, explained that the latest Supplementary Budget is aimed at improving revenue mobilization to fund socio-economic activities that are people-centered.
According to him, the Supplementary Budget was necessitated by emerging economic issues that shifted economic assumptions which underpin the 2023 budget that needed to be revised through Parliamentary approval.
President Bio’s five Manifesto Commitments known as the Big Five, especially Feed Salone, the creation of new ministries, IMF disbursement of funds, the Russia-Ukraine war that has led to global supply chain disruptions, and the instability in the petroleum sector, are among many reasons why the Supplementary Budget was put together to address the prevailing situation.
However, Minister Bangura pointed out that irrespective of the economic challenges, government has ensured that essential commodities like rice, sugar, flour, petroleum products, etc are available in country. “There is no shortage of these essential commodities in the country. What we are dealing with is increase in prices of goods which is affecting the whole world,” he said.
The Finance Minister noted that the government of President Bio is undertaking all these economic reforms to ensure that it funds agricultural productivity to address food insecurity, support youth empowerment through skills training, support SMEs and provide direct cash transfers to over 10,000 poor and vulnerable people, with a view to cushioning the economic challenges posed by the global economy.
Minister Bangura expressed hope that with the proper fiscal consolidation that is ongoing, 4.78% GDP growth is projected by next year, adding that due to the fiscal economic discipline that government has put in place, by the end of this year, the budget deficit is expected to drop by 5.4% from 10%.
What remains clear is that government is still subsidizing petroleum products, rice, and electricity while at the same time delivering on its commitments to the nation.
The press conference was held on Tuesday, 8th August 2023, in the conference room of the Ministry of Foreign Affairs.
