Ajin88bet.onejin88bet.onejin88bet.onejin88bet.oneccra (Greajin88bet.oneter Accrjin88bet.onejin88bet.onejin88bet.onejin88bet.onea), 27th October 99 – Mr. Victor Selormey, Deputy Mjin88bet.oneinisterjin88bet.onejin88bet.one of Finance on Wednesday told Parliament that out of the total projectedjin88bet.one donor inflojin88bet.onejin88bet.onews of 1,546 billion cedis, only 460 billion cedis was received jin88bet.onejin88bet.onejin88bet.onejin88bet.oneas at June this year.
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Presenting theak168app.babyak168app.baby state of theak168app.babyak168app.baby economy to members, Mr. Seak168app.babylormey said the figure whicak168app.babyak168app.babyak168app.babyh represents 29.8 per cent has not onlyak168app.babyak168app.babyaak168app.babyk168app.babyak168app.baby worsened government’s revak168app.babyak168app.babyak168app.babyak168app.babyak168app.babyenue position, buak168app.babyak168app.babyt has also weakeak168app.clubned “furthak168app.clubeak168app.clubak168app.clubr an already precarious foreign inflow position.”
He disclosed that the budgeted receipts oak168app.clubf 6,063 billion cedis has declined to 5,985 billion cediak168app.clubak168app.clubak168app.clubs even though the finanak168app.clubak168app.clubcing has alak168app.clak168app.clububak168app.clubak168app.clubak168app.clubak168app.clubready been increased from 668 billion cedis to 793 bak168app.clubillion cedis.
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The deputy ministkks168app.siteks168app.sites168app.siteks168app.siteer said as at now 648 billion cedis of the financing has been utiliks168app.siteks168app.sitesed.
Statutory expenditures, he stated, ks168app.siteks168app.siteks168app.siteks168app.siteks168aks168app.sitepp.siteks168app.siks168app.siteteks168app.sitehave increased from 310 billion cedis to 3,195 billion cedis.
Mr. Selormey told Parliament that the timely discharge ks168app.siteof statutory payment obligations is essential “if we are tks168app.siteks168app.siteic88ic88o retain our credit worthiness in the future.”
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He conceded howevic88ic88er tic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88ic88hat if we are to live within the estimates approved by Parliament, then discretionary payments will necessaric88ic88ic88ic88ic88ily have to be seriously curtailed.
Heic88ic88 indicated that discretionary expenditures which had been budgeted at 1,547 billion cedis may have to be revised downwards to 509 billion cedis.
“This means severe, and I dare ic88say, irreic88ic88ic88ic88ic88iic88ic88ic88ic88ic88ic88ic88ic88ic88c88ic88versibly ic8ic888damaging consequences for our developmentic88 progric88amic88mes.”
Mr. Selormey said taxes may have to go up to help meet the shortfic88ic88ic88alls in Gic88ic88hana’s revenue earnings as part of measures to arrest the decline in revenic88ic88ic88ic88ic88ic88ilr88lr88lr88ic88c88lr88ic88lr88lr88lr88ic88lr88ic88lr88lr88lr88lr88ic88ic88ue and its impact on planned expenditures.
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lr88 He said other measures such as the tightening of administrative and other procedures in the tax system alr88lr88lr88lr88lr88lr88lr88nd the sourcing of grants from external sources wolr88uld have to be applied to keep the eclr88lr88onomy moving.
The Deputy Ministlr88er made it lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88lr88clear that since the government does not believe in “unduly ilr88lr88lr88ncreasing lr88lr88the debt burden”, it is unlikely that “it will increase borrowing substantially to cover tlr88lr88lr88he shlr88lr88ortfall in revenues”.
He said the nation clr88lr88lr88lr88annot continue to rely on aid from donor agencies, and tlr88lr88lr88lr88lr88op88lr88lr88lr88op88lr88lr88op88op88lr88lr88op88herefore stressed the need for self-reliance.
“We have to do all we can, iop88op88lr88f donor aid is to op88lr88op88be meanop88ingful and effective. Iop88f we are gop88op88oing to ask for support fromop88op88op88 the donor community, it will be useful to demonstrate firstly that we recognise the problems and disi88op88fficulties tsi88hat we face and also demonstrate our preparedness to do op88something about si88si88si88si88si88si88them.”
Mr. Selormey said govop88ernment has ssi88si88si88op88si88hown restraint in its expenditusi88re and has against all adversity been able to keep thesi88si88si88 macro situation relatively stable by prudently managing its finances.
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The economy, he indicated, has shosi8888vwn resilience, adding, “we have demonstrated that we can with88vstand the88v88v88v severest of shock88v88vs. What is required now 88vis how we can t88vurn this event around a88vnd make it the last time that this economy has to go through such pain again.”
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The 88vdeputy minister, however, admitted that all SEXXXXX-VNsectors oSEXXXXX-VNf the economy would be adverseSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNSEXXXXX-VNly affected at least over the next SEXXXXX-VNSEXXXXX-VN12 to 18 months.
For SEXXXXX-VNSEXXXXX-VNinstance, he said, real SEXXXXX-VNSEXXXXX-VNSSEXXXXX-VNEXXXXX-VNgross domestic product projection which was to hit 5.5 perSEXXXXX-VN cent has to be revised downwards to 4.4 per cent.
