Gov't, OPEC sign P1.2b loan
Monday, January 30, 2023 | 1260 Views |
Peggy Serame shaking hands with Dr Abdulhamid Alkhalifa after signing the loan documents PIC: PHATSIMO KAPENG
The $100 million (about P1.2 billion) loan is meant to support the government’s efforts through the strengthening of its pandemic and crisis response, addressing the regulatory constraints for private sector recovery as well as building the foundations for a sustainable green economy.
Speaking at signing ceremony, the Minister of Finance, Peggy Serame said the country is experiencing budgetary shortfalls that need to be financed largely through borrowing, hence the need of the funding from the OPEC.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...