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Momodou
Denmark
11738 Posts |
 Posted - 09 Jan 2007 : 12:41:35
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HALIFA ON TRANSPARENCY AND DEBT REDUCTION
By Abdoulie G. Dibba
In his budget speech the Secretary of State for Finance and Economic Affairs, Honourable Bala Gaye, had pointed out that to achieve macroeconomic stability the following objectives are needed, among others: making the budget process more transparent and reflective of government priorities and reduce government borrowing requirements and the domestic debt by maintaining a primary surplus.
Honourable Halifa Sallah asserted that they were promised last year that the government would reduced its domestic borrowing to D200 million but in actual fact we are being told that it is above D600 million in 2006. Halifa asserted that what they were promised is actually not being achieved. He then questioned the SoS for Finance whether that would continue? "What is the actual explanation for that because we were told that that was part of the staff management program," he asked.
Halifa argued that as far as he is concerned, they cannot talk about transparency and the budgetary process reflecting the government priority and that he would give reason for that. Referring to the 2007 Estimate under subhead 1502, item 9500, he said one would discover D50 million and D20 million being settlement of outstanding debt. Under item 9503, one would discover D20 million respectively being settlement of the Continent Bank depositors. Halifa asserted that the Continent Bank has become bankrupt and it is government that ultimately took responsibility for the payment.
"Now what happen after that?" Halifa asked, continuing his scrutiny. He said under subhead 9506, one would discover debt liquidation, foreign mission and settlement of confirmed debt for vehicle D4 million under subhead 9507. He said, "What is amazing Honourable Speaker, is subhead 9519, Standard Chartered Bank, repayment of Loan Premier Agro D10 million. This is what government is paying. These are the things that we need to scrunitise and get clear explanation of." Without that he said, we would be misrepresenting the people. He asserted that there is absolutely no doubt that under the Constitution and the Budget Management Act, it is not possible to have outstanding confirmed debt being paid. It also emphasises under the law that since what the National Assembly approved is what be spent, it is not possible also to have outstanding confirmed debt. What exists under the law is the possibility of supplementary appropriation wherever a budget becomes exhausted, he added Halifa concluded by saying that "it is essential when we look at the fiscal management, we must continue to scrutinize that those outstanding debts, must be paid for by those who have taken them without being authorised to do so. That is essential," he said.
Source: Foroyaa Newspaper Burning Issue
Issue No. 003/2007, 8-9 January, 2007
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