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Financial Challenges: Government Diverts Funds to Boost Purchasing Power

Minister of Finance Acknowledges Complications, Aims to Resolve Police Fuel Debt

Financial Challenges: Government Diverts Funds to Boost Purchasing Power

According to the Minister of Finance and Planning, Stanley Raghoebarsing, the consequence of various police stations running out of fuel is that the government diverted the money intended for policy to pay for purchasing power reinforcement. “Yes, we were aware of the choice and that we would have complications, but that is the result,” says Raghoebarsing during a government press conference.

If everything goes well, the payment of the police fuel debt should be resolved this afternoon, Raghoebarsing adds. The minister indicates that a large part of the ministries’ budget is allocated to paying salaries. “I even had a minister who indicated that 96 percent of his budget is only intended for paying salaries.” According to the Minister of Finance, the government should quickly move away from this.

He has some understanding of the fact that civil servants must be well-paid, and salary corrections must be implemented as quickly as possible. “But that is the tension for this government, and we have to address that.” For the coming period, his ministry will mainly focus on increasing government revenues and collecting funds as quickly as possible. This is also one of the priorities within the government. During the president’s annual address, it was mentioned that the government will make more efforts to collect funds from the small-scale gold sector and customs.

According to Raghoebarsing, in 2020, there was an estimated loss of SRD 180 million per month at customs, and the government could collect SRD 100 million per month in taxes from the small-scale gold sector. It is not clear why the government is only now taking action on this. A Presidential Decree has already been issued, and this decree must be included in the presentation of the state budget. Implementation of the decree can only take place during the presentation of the state budget, the government maintains.

The Minister of Finance says that his ministry is busy strengthening tax institutions to attract people to collect funds. A recruitment process has been initiated, Raghoebarsing mentions. “We are also looking at external forces that we can use to expedite the payment process. Possibilities for digitally collecting funds are also being explored.” If everything goes well, the minister will have a meeting at his ministry later in the day to implement the income-enhancing measures.

Source: https://keynews.sr/2023/10/03/raghoebarsing-we-hebben-geld-voor-beleid-geschoven-naar-koopkrachtversterking/

Date: 3 October 2023

Categories:  Economic Crisis 

Tags:  Minister Stanley Raghoebarsing 

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