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Minister of Finance Gives Address on General Budget for year 2009 before National Assembly
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Nov 18, 2008 - 5:58:52 AM
Minister of Finance Gives Address on General Budget for year 2009 before National Assembly
Khartoum, Nov. 17 (SUNA)- The Minister of Finance, Dr. Awad Ahmed Al-Jaz, said that the gross revenues are expected to decrease in the year 2009 to 18.4 billion Sudanese pounds, representing 13.2% of the Gross Domestic Product (GDP). In his address at the National Assembly Monday, Dr. Al-Jaz attributed the expected decrease in the revenues to impacts of the international financial crisis on the oil revenues, adding that the oil revenues are representing a top source the general revenues in Sudan. He said that the budget will include the continuity of the policies for boosting the growth and development of resources toward facing the decrease in revenues, adding that the measures to develop the resources include the increase the taxation effort and resuming the institutional reform programme, reactivating the internal auditing and other procedure. Dr. Al-Jaz tabled a number of financial acts and orders before the National Assembly. Meanwhile, the Minister of Finance said that the deficit in the general budget for the year 2009 would reach 6.2% out of the GDP, adding that this deficit will be covered from external funding resources by 3.4% and local funding resources by 2.8%. He said that the economic stability indicators represent one of the bases to guarantee implementation of the general budget, through coordination between the gross financial and economic policies. He said that the budget was estimated on the basis realizing a growth rate of 6% in the Gross Domestic Product (GDP), an inflation rate of 8% and a surplus in the trade balance. Dr. Al-Jaz pointed out that the new budget aims to providing a liquidity that comply with realization of the objectives in the fields of growth, inflation, support to the private sector activity, establishment of finance budgets, continuity of the policies to ensure flexibility of the exchange rate for the national currency, encouraging the non-petroleum, rationalization of demand for foreign currency. He assured the keenness to continue permanence of development at the cost of 7.4 billion pounds, with concentration on improvement on the investment environment, orientation of resources to boost the development in the housing sector, development in the manpower resources through implantation of health welfare and safety projects, establishment of roads, airports, sea ports, removing land mines etc. Dr. Al-Jaz said that the share of the Government of South Sudan in the budget of the year 2009 is 3.2 billion Sudanese pounds. He said that the share of the northern states from the national revenues was 4.2 billion pounds, while the share of the national government was 8.8 billion pounds. MO/MO
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