The Ministers of Finance and Budgets and Planning, Economic Development and Investment, Marcelino Owono Edu and Conrado Okenve Ndoho, respectively, presented to the Senate the General State Budgets for the coming year.
The President of the Senate, Maria Teresa Efua Asangono, directs the work of the committee to review these budgets before their presentation to the plenary for approval.
The draft law of the General State Budgets for the fiscal year 2014 foresees for a reduction in oil revenues and increased current and investment expenses, which will lead to a fiscal deficit of 383 billion CFA francs (4.8% of the GDP) and a non-oil primary deficit of 2,670 billion CFA francs (71.7% of the GDP).
However, according to the budget itself, the State revenues for 2014 amounted to 2,568,545 million CFA francs, representing an increase of 9% over the 2013 budget. Investments represent 74% of expenditures, with a budget of 2,201,920 million CFA francs, while current expenses amounted to 755,514 million CFA francs, an increase of 27% over the previous year.
The budgets for next year are also designed to diversify the economy of our country, an increase in social spending in education, health and gender equality.
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