The Government of Sierra Leone, through the Minister of Finance, Sheku Ahmed Fatmanti Bangura will today Monday present the 2023 Supplementary Budget in the Well of Parliament.
Office of the Clerk of Parliament has informed Members of Parliament, that they have been summoned to take their seats and witness the Reading of the 2023 Supplementary Budget for the services of Sierra Leone, by the Minister of Finance in the Chamber of Parliament.
“Meanwhile, Hon. Members of the Parliamentary Service Commission have been invited to the first meeting of the Commission in the Sixth Parliament on today Monday in the Speaker’s Conference Room, immediately after the Reading of the 2023 Supplementary Budget. Hon. Members of Parliament and the General Public are so informed and are encouraged to attend and on time,” a statement from the Clerk’s Office stated.
The government said the 2023 Budget will prioritise Programmes and Policies that will enhance economic resilience and protect the livelihoods of the most vulnerable in the country.
The 2023 budget will prioritise programmes and policies that will enhance economic resilience and protect the livelihoods of the most vulnerable in the country.
The Supplementary Budget will be consistent with program projections for revenues and expenditures. It will be informed by program projections for macroeconomic variables such as growth and inflation, with a target deficit of around 5.6 per cent of GDP.
The Supplementary Budget will include the utilisation of a $25 million grant from the World Bank’s Crisis Response Window (CRW) to offset certain expenditures.
To strengthen cash management, the government has implemented various measures, including regular meetings of the cash management committee, aligning quarterly budget allotments to cash flow projections, mandatory processing of payments through the Integrated Financial Management Information System (IFMIS), and limiting the printing of checks through the Electronic Funds Transfer (EFT) system.
Furthermore, the government is committed to addressing domestic arrears through a revised arrears clearance strategy, which will be fully budgeted for starting with the 2024 budget.
The government aims to issue domestic debt at longer maturities and mobilise additional grant resources to mitigate the risk of debt distress and create fiscal space for spending on priority areas.
The Supplementary Budget will take into account updated macroeconomic developments, fiscal outturns in the first quarter of 2023, and any additional expenditure surprises.
Revenue and expenditure projections will be based on the macro framework for the 6th and 7th reviews, including price and exchange rate projections.
The Budget will also include updated revenue targets in line with the 2023 Finance Act and additional expenditure measures, such as postponing non-priority projects on feeder roads, delaying subscriptions to international organisations, and ensuring vehicle purchases strictly adhere to approved budget allocations.
The government’s efforts to submit a Supplementary Budget demonstrate its commitment to fiscal responsibility and prudent financial management.