The budget for the 2019 financial year of the Guinean State is balanced in revenue
and in expenditure to more than 23 trillion Guinean francs (GNF, local currency), or 2.4 billion
dollars, said Wednesday the President of the National Assembly Claude Kory Kondiano, during the closing of
the session devoted to the adoption of the amending finance bill.
Recalling that public revenues have rather increased compared to the initial finance law, Mr.
Kondiano noted, however, that spending grew faster, which meant that
the overall budget deficit increased to 2.70% of gross domestic product (GDP) in the amending finance law,
against 2.36% in the initial finance law.
To meet all-out financing commitments within the framework of the national program of
economic and social development, the president of the Guinean hemicycle has, on behalf of all the deputies
challenged the government on the need to mobilize all internal and external resources
to meet the development needs of the populations.
The Speaker of Parliament added that "to deal with this deficit which represents 2.7% of GDP, the
national representation authorizes the Minister of Economy and Finance to find means in the form,
in particular loans, in other words to go into debt", because he pointed out, Guinea is one of the countries to
very moderate level of indebtedness.
It should be noted that the closing of the extraordinary session devoted to the amending finance law for the financial year
2019 comes in a particular economic context for Guinea, with the conclusion of negotiations
with the World Bank of a loan agreement of 100 million dollars instead of the 40 million which were
provided for in the initial finance law.
In the same context, the country signed with France last January a financing agreement for a
amount of 10 million euros, which also includes the payment to the Guinean government, by the
telephone company (Orange Guinée), for an amount of 90 million dollars corresponding to the price of the
4G operating license.