“This is as a result of grant disbursements of only 30 percent of the projected yearly outturn of D13.6 billion. The projected disbursement of budget support grants from the European Union of US$23 million.”
He added that the African Development Bank US$7 million did not materialise.
Mr. Keita stressed that the outturn for Revenue and Grants is projected to reach D29.9 billion by end 2022.
“The increase in global oil prices, leading to fuel subsidies to the tune of D1.3 billion as at end of September 2022 also contributed to the low revenue outturn,” he noted.
However, he said as at end of September this year, actual outturn for Revenue and Grants stood at D14.4 billion, representing only 48 percent of the projected outturn.
“The projected annual outturn for Tax Revenue is estimated at D12.65 billion. In the first nine months of the year, actual outturn recorded D8.2 billion, representing 56% percent of the projected outturn for the 2022 fiscal year. This lower-than-anticipated outturn is primarily due to revenue shortfalls relating to a drop in international trade taxes for both oil and non-oil imports,” he added.
On non-tax revenue, he stated that performance for the first three quarters of 2022 registered D2.2 billion against an end-year projection of D3.9 billion, representing 60 percent of the projected outturn for the year.
“Total outturn for expenditure and net lending is projected to reach D30.65 billion against the revised budget of D31.06 billion. In comparative terms, the end-year projection is forecast at D412 million below the revised budget. This is mostly as a result of lower performance of domestic revenue collections that translates to tighter budgetary control,” he elaborated.
Mr. Keita also lamented the debt interest, citing that the end-year projections of D3.48 billion would overshoot the revised budget by D442 million. “This is mostly relating to the increase in both domestic and external debt service due to the appreciation of the U.S. Dollar and the increasing cost of domestic debt,” he said.
He also said personnel cost as at end-year is estimated to be D386 million below the revised budget amount of D5.75 billion compared to a projected yearly outturn of D5.36 billion.
The Finance minister stressed that the prudent and close monitoring and rationalisation of expenses in the light of lower-than- expected performance of revenue contributed to the realisation of the savings.
