Accra, Dec. 16, GNA- Parliament on Tuesday approved by a resolution the sum of 5.8 trillion cedis as Provisional estimates for 2004 financial year.
The amount is meant to carry out services of the Government prior to the coming into operation of the Appropriation Bill.
Mr Eugene Atta Agyepong, Chairman of the Finance Committee moved the Motion for the adoption of the report on the provisional Estimates for 2004 (Vote on Account of the sums required for expenditure out of the Consolidated Fund until the 2004 Annual estimates are approved).
It takes about three months (January to March) to consider the Annual Estimates of Ministries, Departments and Agencies (MDAs) and to pass the Appropriation Bill.
The Minister of Finance acting on the authority of the President, in the month of December requests the House to approve by Resolution the withdrawal of monies from the Consolidated Fund for the purpose of meeting Government expenditure in respect of the first three months of the Financial year.
The provisional estimates for the first quarter of 2004 financial year is 5,850,455,000 trillion cedis.
The summary of Government expenditure on the provisional estimates from January to March 2003 rose from 4,612,593.00 to 5,850,455.00 for 2004.
Statutory payments for 2003 was 2,300,450.00 trillion cedis to 2,397,800.00 trillion cedis in 2004, External Debt, 936,750,000.00 million cedis to 955,125,000 million cedis while domestic interest fell from 739,250,000.00 million cedis in 2003 to 560,850,000.00 million cedis in 2004.
Expenditure for the District Assemblies Common Fund rose from 112,900,000 million cedis in 2003 to 209,025,000 million cedis in 2004. Transfers to Households (pensions, gratuities, Social Security and National Health Fund) rose from 253,850,000 million cedis in 2003 to 270,850,000 million cedis in 2004.
The Education Trust Fund rose from 120,375,000 million cedis in 2003 to 208,725,000 million cedis in 2004 and the Road Fund moved up from 137,325,000 million cedis to 174,575,000 million cedis. Discretional Payments rose from 2,312,143,000 trillion cedis in 2003 to 3,452,655,000 trillion cedis in 2004, personal emoluments moved from 1,191,722.00 trillion cedis in 2003 to 1,657,975,000 trillion cedis in 2004.
Total investments rose from 570,671,000 million cedis in 2003 to 849,995,000 million cedis in 2004 while the HIPC Financed Expenditure rose from 233,500,000 million cedis to 315,800,000 million cedis in 2004.
Chairman of the Committee said they took note of the assurance by the Minister of Finance that the Controller and Accountant-General will ensure that all Ministries, Departments and Agencies operate within the levels set in the Provisional Estimates and that all monies budgeted for the MDAs for the first quarter would be released on time.
Members of the Committee asked the justification for the increment of Personal Emoluments in 2004 and they were informed that it is 25 per cent of the total budget as compared to 2003 and that there were salary increments in 2003 as well as the revision of the overall personal Emoluments.
The members also expressed concern about newly trained teachers, nurses, para-medical personnel and other newly recruited civil and public servants, who were left out of last year's budget. They were assured that new recruitments are being taken care of while measures are being taken to prevent its reoccurrence. The Committee noted that the utility price subsidy is made up of 30 million dollars to the Volta River Authority (VRA) for the importation of crude oil for the Aboadze Thermal Plant and to subsidize the lifeline consumers.
Mr Agyepong said the Committee expressed its happiness that the domestic Interest figures for the 2003 estimates dropped for the 2004 Vote on Account due to the reduction of the central government borrowing from the domestic money market adding that this would augur well for the private sector access to funds for their business operations.
