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Finance Ministry refutes reports that expenditure of Ministries has been cut

ITN News Editor
By ITN News Editor June 20, 2019 19:29

Finance Ministry refutes reports that expenditure of Ministries has been cut

The Finance Ministry claims media reports that the capital expenditure of the ministries had been cut by 15% are false.
Clarifying the matter, the Ministry in a statement said that a report has been published mentioning that a new decision was taken at the cabinet meeting on the 18th to prevent a financial crisis due to the government’s revenue shortfall and rising costs.
The statement said that when the 2019 budget was presented, the Finance Minister had proposed a saving of 10% to 15% from Capital and Goods and Services expenditure. Accordingly, all ministries are taking action to implement the proposal since the budget was passed and he emphasized that this is not a step taken for any other reason.
Taking into consideration the administrative processes that needs to be followed in executing the mandated work, the statement said that he proposed a saving of 10% to 15% from Capital and Goods and Services expenditure.
In the meantime, the Department of Census and Statistics has said that an increase in the economic growth is indicated within the first quarter of this year. It is an increase of 3.7 percent. The Department claimed that this was purely due to the prevalence of a conducive environment particularly in the agricultural industry.

ITN News Editor
By ITN News Editor June 20, 2019 19:29