• Mon. Jun 24th, 2024

Setting the General State Budget for the 2024/2025 financial year, one of the items on the agenda of the Cabinet meeting

ByWebmaster

Jun 7, 2024

BUJUMBURA, June 7th (ABP) – The Cabinet met in extraordinary session on Thursday 30 May 2024, under the aegis of the Head of State, Évariste Ndayishimiye.

Four items were on the agenda, according to a press release issued by the government’s secretary general, Jérôme Niyonzima.

At first reading, the Cabinet examined the draft law establishing the general State budget for the 2024/2025 financial year. Revenue and grants increase from BIF 3,371.6 billion in 2023/2024 to BIF 3,941.11 billion in 2024/2025, an increase of 16.89℅.

Total government expenditure rises from BIF 3,780.95 billion in 2023/2024 to BIF 4,397.46 billion in 2024/2025, an increase of 16.30℅. The total deficit is BIF 456.34 billion compared with BIF 426.51 billion in 2023/2024. The bill was adopted subject to certain recommendations. Those include the abolition of tax exemptions for ethanol used in the manufacture of alcoholic beverages, giving civil servants who have received undue salaries until 1 July 2024 to pay them back, and the inclusion in the budget of BIF 2.7 billion for the salaries of new teachers.

On second reading, the State’s monthly cash flow plan for the 2024/2025 financial year was analysed. The objectives of that plan are to provide an overall view of the State’s cash resources and to provide month-by-month information on the State’s cash position. After discussion and debate, the plan was adopted.

At the third reading, the debt management strategy was analysed. According to the Cabinet, the objectives of the strategy include meeting the State’s financing needs at the lowest possible cost, meeting internal and external debt servicing obligations, and developing internal and external sources of financing for structural State projects. After analysis, the strategy was adopted.

In its final reading, the Board examined the project to develop human capital in Burundi. The US$230 million project, financed by the World Bank, aims to empower young people through better access to nutrition, healthcare and quality basic education services in Burundi. The project will be implemented by the Ministry of Public Health and AIDS Control and the Ministry of National Education and Scientific Research.  After discussion and debate, the project was adopted.