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NEWS : Politics  

APC Budgets 1.41 Trillion Leones for 2011
By Mohamed Kanu
Nov 15, 2010, 12:20
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Finance and Economic Development Minister, Dr. Samura Kamara, has presented the 2011 budget in the House of Parliament.


The 2011 Appropriation Act was tabled on Friday 12th November 2010 for the approval of the use of 1.41 trillion leones for the service of Sierra Leone for the year 2011.


Minister Kamara pointed out that the aforementioned budget includes an addendum to the salary base of civil servants and other government workers.


He however explained that the country is challenged with a budget deficit of 334.5 billion leones.

 

The Minister said 5.4 million dollars International Monetary Fund (IMF) was recently deposited into the consolidated fund to provide service to the people of the country, with specific focus on infrastructural development.


The National Revenue Authority (NRA), he continued, collected 5.171 billion leones through the Goods and Service Tax (GST) for the year 2010. “This amount would be judiciously utilized for the development of the country,” the minister assured.

 

Dr. Kamara intimated that foreign enterprises performance is facing some corporate fundamental challenges, but was quick to add that the country’s monetary policies remain proactive, as evident in what he described as the continuous improvement of the rural commercialization of banks in the country. Among the major targets of the government, the minister pointed out, are an increase in domestic revenue base to 18.5% by 2012; enactment into law of a new national minimum wage; continuation of the Bank of Sierra Leone to operate on an open market operation and flexible exchange rate policy; formation of a new petroleum policy; enforcement by government of tax innovation; introduction of management system in the local council, and the banning of the importation of right hand drive vehicles.

 

The minister announced that 31.9 billion leones has been allocation to the health ministry in order to promote the free health care scheme and other medical undertakings in the country.


According to him, 85.7 billion leones has been allocated for the rehabilitation of street all over the country.


The Sierra Leone State Lottery, Sierra Leone Postal Service, Sierra Leone Airport Authority and the Sierra Leone Shipping Company, were named as the state institutions which do not make any profit for the state.


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