Guinea Parliament Approves 2016 Budget With 4% Economic Growth

Lawmakers in Guinea, the world’s biggest bauxite exporter, approved a larger budget based on expected growth of 4 percent this year.

Revenue is forecast to rise to 13.7 trillion Guinea francs ($1.77 billion), Alfa Mohamed Diallo, a spokesman for the Economic and Financial Affairs Commission at the National assembly, said in parliament on Saturday. That compares with 12.1 trillion francs in 2015.

The mining industry will contribute taxes of 1.8 trillion francs, Diallo said.

Spending will fall to 14.5 trillion francs compared with 15.2 trillion francs last year, he said.

The approved budget takes into account an increase in the value-added tax rate to 20 percent from 18 percent. Tax will also be imposed on suppliers to public enterprises, mining, telephone and oil companies.

The main opposition party, known as Union des Forces Democratiques de Guinee, called on politicians to vote against the budget, saying it wasn’t realistic.

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