Sierra Leone’s Minister of Finance, Sheku Ahmed Fatmanti Bangura, is set to present the 2023 Supplementary Budget in the Parliament today, Monday, 31 July 2023.
The Office of the Clerk of Parliament has called upon all Members of Parliament to attend the session in the Chamber and witness the reading of the budget for the services of Sierra Leone.
Following the budget presentation, the Parliamentary Service Commission will hold its first meeting in the Sixth Parliament in the Speaker’s Conference Room. Members of Parliament and the general public are encouraged to attend the important meeting.
The 2023 Supplementary Budget aims to prioritize programs and policies that enhance economic resilience and protect the livelihoods of the most vulnerable citizens in the country. It will be consistent with projected revenues and expenditures, taking into account macroeconomic variables such as growth and inflation. The target deficit is around 5.6 per cent of the GDP.
To bolster cash management, the government has implemented various measures, including regular meetings of the cash management committee and the utilization of the Integrated Financial Management Information System (IFMIS) for payments.
The budget will also address domestic arrears through a revised clearance strategy, fully budgeted for starting with the 2024 budget.
Additionally, the government aims to issue domestic debt at longer maturities and mobilize grant resources to mitigate debt risks and allocate more funds to priority areas.
The Supplementary Budget will consider updated macroeconomic developments and fiscal outturns for the first quarter of 2023, as well as any unforeseen expenditure.
Revenue and expenditure projections in the budget will align with the macro framework for the 6th and 7th reviews, including price and exchange rate projections.
The budget will include updated revenue targets in accordance with the 2023 Finance Act, and it will implement expenditure measures such as postponing non-priority projects on feeder roads and delaying subscriptions to international organizations.
