REVENUE collection for the first quarter of this year is on the right direction towards achieving the estimated 2015 budget.,
That’s according to the Permanent Secretary (PS) for the Ministry of Finance & Treasury Fred Fakariwhen appearing before the Public Accounts Committee (PAC) committee recently.
“We are currently in the position we expected to be, despite challenges and risks on the revenue collections.”
He was responding to a question asked by the PAC chairman Rick Hou regarding revenue collected in the first quarter and how the cash flow is performing at this time since the country has a huge budget to be implemented this year.
“Expenditure level is 12% of the full budget and revenue 21% of full year budget,” the PS stated.
“It’s too early to see whether that continues as underline trend towards the end of the year,” he added.
“I think our economic forecaster has seen some risks out there,” he said.
“So for collections we enjoy were spill over from the end of last year holding us well up to the first quarter,” Fakari further added.
He highlighted a lot of risks will come on the burden of this budget, in terms of balancing numbers that will come to raise on the expenditure side and that is what we have to prepare ourselves for.
By AATAI JOHN