November 17, 2023
2 min read
The Finance Minister for Finance and Economic Affairs, Seedh Keita, has presented the Estimates of Revenue and Expenditure for the fiscal year 2024, spanning from January 1st to December 31st. According to him, the Draft 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.
The Draft Estimate focuses 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.
“Honorable Speaker, growth continues to remain strong despite global and domestic challenges. The war in Ukraine, the lingering effects of the pandemic, and tightening global financial conditions continue to slow down global growth, affecting domestic economic performance,” he said.
In his statement, Minister Keita underlined that the 2024 budget will factor in Budget Support to the tune of D3.18 billion from development partners, compared to D2.77 billion in 2023. The bulk of the budget support is expected to come from the World Bank (USD 25 million), the European Union (EUR 14 million), the African Development Bank (USD 7 million), and Agence France Development AFD (EUR 5 million).
He also stated that reforms and an enhanced public financial management environment will be embedded throughout the implementation of the budget to ensure that the development priority of investment in human capital development and infrastructure is realized.
The Speaker, Hon. Fabakary Tombong Jatta, while addressing the House, reminded members of their duties and urged careful consideration of the budget.
“The tabling of the annual budget is a comprehensive roadmap that aligns with the financial strategy to address the needs of our citizens. The annual budget serves as a tool to foster economic growth, requiring careful consideration.”
The consideration and debate on this year’s budget will commence on Monday, 27th November 2023