Unprecedented Inflationary Pressure: Minister outlines plans for Economy Recovery

The Minister of Finance and Economic Affairs, Seedy Keita tabled the 2023 budget estimate before the National Assembly yesterday.

The Minister presented an estimated budget of D35.41 billion for the year 2023. The estimates represent an increase of 4.23 billion compared to the year under review of 31.18billion.

During his deliberations before parliamentarians, Minister Keita said inflationary pressure and expectation have risen, fueled by surging food and energy prices coupled with other risk factors such as currency depreciation, adjustment in transport fares and pump prices.

“Headline inflation has reached 13.3% in September 2022 up from 11.7% in June 2022 and 8.2 percent a year ago”, he added.

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Minister Keita stated that 2023 Budget Estimate has been prepared based on the objectives of continued recovery and building an inclusive and resilient economy. The draft Estimate is anchored on renewed commitment to strengthen domestic resource mobilization to support the provision of quality essential services in agriculture, education, health and Infrastructure development to promote a more inclusive and resilient growth.

Despite the Minister’s efforts to attain economic recovery under the current situation, observers believe the budget estimate is inflationary and can potentially worsen our economic situation.

Parliamentarians have at least a week to scrutinize and debate on the budget prospects before approval.

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