The budget was adopted with amendments, after passing through the relevant committees of the house.
The minister for Finance and Economic Affairs, Hon Seedy Keita, explained that the 2024 Budget is anchored on the reduction of overall fiscal deficit, including the gradual reduction of net-domestic borrowing as a percentage of GDP over the medium-term.
“For this reason, the ministry intends to pursue rationalisation of expenditure, improving domestic revenue mobilisation and innovative non-debt revenue creating initiatives (Asset Recycling Programme), restructuring the debt profile to reduce the burden of debt and focusing on concessional financing of infrastructure projects identified in the Green Recovery-Focused National Development Plan (RF-NDP).-YIRIWA; The NDP is branded as YIRIWA to reflect the development that it will usher in upon its implementation,” he said.
“As a result, the 2024 Budget Estimate has been prepared based on the objectives of consolidating recovery and accelerating reforms to build economic resilience and improve the wellbeing of the population. To this end, the Draft Estimate is focused on an improved domestic resource mobilization drive that supports the provision of quality essential services in education, health, agriculture and infrastructure development to promote a more inclusive and resilient growth,” he observed.
Minister Keita said this new direction of government development policy will support recovery in the light of global economic headwinds that threaten to slow down the gradual recovery from the COVID-19 pandemic.
He revealed that the total Revenue and Grants for 2024 is projected to reach D34.93 billion, representing a growth of 5 percent compared with the 2023 budget of D33.22 billion.
He also said that the total expenditure and net-lending are projected to increase slightly by 6%, rising from D37.15 billion in 2023 to D39.38 billion in 2024.
