MP2013: Ministry of Finance

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DR. NGOZI OKONJO-IWEALA

Coordinating Minister for the Economy & Hon. Minister of Finance

And

Dr. Yerima NgamaHon. Minister of State of Finance

June 10, 2013

MINISTERIAL PLATFORM:

FEDERAL MINISTRY OF FINANCE

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Mission Statement

To manage the Nation’s finances in an

open, transparent, accountable and

efficient manner that delivers on the

country’s development priorities

Mission Statement

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Ministry of Finance: Key Objectives

2

Support for Job

Creation

Macro Economic

Management

Mobilizing Finances for Real Sector

Activities

Supporting Enabling Reforms

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Support for Job

Creation

Macro Economic

Management


Activities

Put in place Enabling Reforms

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• Dollar exchange rate has been between ₦155 and ₦160 over the last two years

Exchange Rate is Stable

• Inflation rate has slowed to 9.1% from 12.4% in May 2011

Rate of Inflation is Coming Down

• From $32.08 billion in May 2011 to $48.4 billion as of May 2013

• Excess Crude Account (ECA) - (Component of External Reserves)

- Rise from about $4 Billion in May 2011 to around $9 billion at the

end of 2012, but now about $6 billion in May 2013

- ECA now helping us since oil production has fallen from the

projected 2.53 million bpd to between 2.1 – 2.2 million bpd

External Reserves are Rising

7

MACRO ECONOMIC MANAGEMENT

The Economy is Strong but Faces Challenges of Inequality & Inclusion

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Projected GDP Growth (%) 2013

Sub Saharan Africa 5.6

Emerging Markets 4.2

Major Economies (G7) 1.2

South Africa 2.8

Brazil 3.0

China 8.0

Russia 3.4

India 5.7

• GDP growth in 2013 projected at 6.75% (NBS) and 7.2% (IMF)

GDP Growth is one of the fastest in the World

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1 Footnote

SOURCE: Nigeria Sovereign Wealth Investment Authority; Federal Ministry of Finance

US$1 billion

earmarked for

investment in the

3 arms i.e.

Stability Fund,

Infrastructure

Fund and Future

Generation Fund

Management

team has

developed a

comprehensive

strategy

document which

was presented at

its inaugural

board meeting on

13th November

2012

The NSIA to

commence core

investing activities

from Q2 2013 and

currently evaluating

potential

infrastructure

investment

opportunities

1

The Board of the

Nigeria Sovereign

Investment

Authority was

Inaugurated on

9th October, 2012

2

3 4

Sovereign Wealth Fund is in Place…President Jonathan’s Administration believes that putting aside some money for emergencies is important just as we all do for our families. So this administration has supported a policy of

savings

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The 2013 budget prepared in record time and

passed on 20th December 2012

This provides the Government 12 months

expenditure program and time to spend the

funds

This also provides a boost to domestic and

international confidence in the country’s fiscal

management

Breaking the Budget Jinx

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• Policy is to reduce recurrent expenditure and complete unfinished capital

projects

- Recurrent expenditure has dropped from 74.4% of total budget in 2011 to

68.7% in 2013

• Envelop system developed to enable Ministers prioritize uncompleted capital

projects

Cost of Government is Reducing

• Government focusing on sectoral waivers rather than individual. e.g.

agricultural, power, aircraft spare parts, solid minerals at zero duty

Waiver and Tariff Policies have Changed

• Imports are down (textiles, plastic & rubber, paper & paper making material),

and exports are up (plastic & rubber, vegetable products, prepared food stuff

and beverages).

- Non-oil exports have increased from 9% of total exports in 2008 to 31% in

2012

- Oil exports are now 69% of total exports, compared to 91% in 2008

Trade has Improved

8


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Government Borrowing is Declining:

Total Debt Stock

Flow of Domestic Borrowing

Note: Domestic and External Debt Stock figures for 2013 are as at end of March 2013)

SOURCE: Debt Management Office

DomesticExternal

200524

852 744 5881,360

155107

1,753 2,170 2,320 3,2394,552

5,623 6,346 6,493427585

488450

683

978888

Debt/GDP Ratio (%)

Our National Debt is Low

1041

11.9% 12.6% 11.6% 15.4% 17.3% 18.2%15.4%

2006 2007 2008 2009 2010 2011 2012 2013

21%

South Africa 42.7%

Sub-Saharan Africa 34.2% USA 106% Japan 225% UK 90%


Total Debt is ₦7.5 trillionExternal Debt is US$6.6bn (₦1.04 trillion)

NGN, Billions

Slowed Down Growth of Debt Stock:

YEAR

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Tax Type

10

Petroleum Profit Tax

% increase in non-oil

Taxes- 39.2% 27.5%

SOURCE: Federal Inland Revenue Service

Non-Oil Taxes

Total Taxes

1,866 1,847 2,972

38.1% 14.6%8.0%

2,198 4,628 5,0072,839

939

3,2013,071

1,4802,061

1,1321,353

514715

911

1,8061,558

1,3591,258

16.0%

NGN, Billions

2006 2007 2008 2009 2010 2011 2012

Increasing Revenue ReceiptsMACRO ECONOMIC MANAGEMENT

YEAR

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Measures Taken

Next steps: Intensify drive to improve non-oil tax revenues

Compliance & Enforcement

▪ Recovery of tax arrears in the sum on ₦704.8 million

▪ Tax investigation and enforcement activities led to the recovery of

over ₦10.65 billion

Tax Policies & Legislative

Issues

B ▪ National Tax policy formally launched by Mr. President in April 2012

▪ Nigeria /Mauritius Double Taxation Agreement (DTA) signed in

August 2012

Modernization of Tax

Administration

& Operation

C ▪ Commenced implementation of the Integrated Tax Administration

System (ITAS) project

▪ Registered 227,140 new taxpayers in 2012

▪ Implemented full taxpayer segmentation

▪ Full restructuring of Tax offices nationwide

▪ Roll-out nationwide Tax Identification Number

A

Increasing Non-oil Revenues (Measures taken to Improve Non-oil Revenues)


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1 Total collections between Jan and Oct 2012, compared to the same period in 2011

SOURCE: Nigerian Customs Service

Federal Collections

Total Collections

345 413 470

Non-Federal

Collections

Annual increase

(%)– 19.8% 13.9%

514 742547

9.2% 35.7% 9%6.4%

190239

275 304 318

431 436

155 175 196 210 229311 297

7321

2006 2007 2008 2009 2010 2011 2012

NGN, Billions

Increasing Revenue Receipts: Improvement in Customs RevenueMACRO ECONOMIC MANAGEMENT

YEAR

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Measures Taken

▪ Upgrade of the ASYCUDA system to version 3.0

▪ Integration of Customs Operation (Platform) through a

portal named Nigeria Integrated Customs Information

Systems (NICIS) thus eliminating multiple submission

of cargo and goods documentation to several

stakeholders e.g. Bank, CBN, Freight Companies, etc

Deployment of ICT

▪ Online real-time processing of Custom’s

documents/manifest by shipping/airlines

▪ Simplification and harmonization of Customs clearance

procedures, in line with international best practice

▪ Electronic tracking and auditing of Customs operations

and transaction

Trade Facilitation

▪ Disbanded hinterland Customs Check points and

outlawed duplicity in cargo examination by Agencies at

the ports

▪ Anti-smuggling efforts

▪ Training, Training school etc

Stepping up Anti-Smuggling Activities

C

B

A

Measures Taken to Improve Customs Performance


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Expenditure Side Measures Taken

Introduction of the Government Integrated Financial Management and

Information System (GIFMIS) in April 2012.

• GIFMIS is aimed at improving the acquisition, allocation, utilization and

conservation of public financial resources using automated and integrated,

effective, efficient and economic information systems.

• 58% of the budget now executed through GIFMIS. Will rise to 79% by end of

third quarter 2013.

Treasury Single Account (TSA) is a unified structure of governmentbank accounts that gives a consolidated view of the cash position.

• 93 MDAs are currently on TSA

• Government’s overdrawn position has dropped from ₦102 billion in 2011

to ₦19 billion in 2012

The Integrated Payroll and Personnel Information System (IPPIS):

• Enhances efficient personnel cost planning and budgeting as personnel cost

will be based on actual verified numbers and not estimates

• 215 MDAs (153,019 staff) are on IPPIS as at Jan 2013

• Savings on Payroll cost to date is ₦118.9 billion

• Work ongoing to bring in other 321 MDAs not yet on IPPIS

• About 46,821 ghost workers identified

14

Government Has Put In Place Systems To Increase Efficiency InPublic Financial Management

IPPIS

GIFMIS

TSA


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A New Petroleum Subsidy Payment Regime Is In Place To Help Stem Leakages

15

…Revised Process (2-step audit process)Old Process…

Marketer Paid

Auditor: Witnesses physical discharge

Physical verification

Quantity discharged

Claim to be paid

Auditor #1: Witnesses physical discharge

Physical verification

Quantity discharged

Auditor #2: Fiscal verification

• We audited ₦1 trillion in subsidy and found ₦232 billion questionable. Sofar, we have recovered about ₦14 billion. We have tightened the paymentprocess

• PPPRA reduced the number of oil marketers from 143 to 32

Marketer Paid


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Contributory Pension Scheme Is Sound But Defined Benefits Scheme Is Being Reformed To Prevent Fraud

Background

Objectives

• The Federal Government Defined Pension Scheme is decentralized and managed

by several pension offices/department and is inconsistent with the intention of

the Pensions Reform Act (2007)

• The Pensions Reform Act (2007) establishes a pension department known as

Pensions Transitional Arrangement Department (PTAD) to oversee the

management of pensions under the Defined Benefits Scheme for pensioners not

transiting to the Contributory Pensions Scheme

• Following Mr. President’s directive to ensure strict compliance with the

provisions of the Pensions Reform Act (2007), the CME/HMF inaugurated

an Inter-Ministerial Committee in August 2012 headed by the Director-General

Pensions Commission (PenCom) to carry out Mr. President’s instruction

• The Inter-Ministerial task was structured into two phases:

o Phase One: Design the governance and operating framework for the

PTAD

o Phase Two: Data validation and authentication of the existing pensioners

database and the development of an authentic database

Key Achievements

• Phase one completed and Phase Two is underway

• Result: All Defined Benefit Pension Systems for Civil Service, Police,Prisons, Immigration, Customs etc. will be managed in onedepartment reporting to Ministry of Finance with direct payment tobeneficiaries based on biometrics

Defined Benefits Scheme:


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• Ratings by international agencies like Fitch, Standard & Poor’s, and

Moody’s have improved to BB- (or equivalent)

• As a result, Nigerian corporates are able to borrow at cheaper rates on the

international credit markets

• A number of our banks have gone to raise funds abroad e.g. Access Bank

($350 million Euro Bond), GTB ($350 million Euro Bond), Fidelity Bank

($300 million Euro Bond)

Nigeria’s Credit Ratings Have Improved

• Domestic bonds included in JP Morgan and Barclays emerging market

Index

• About $7 Billion invested in Nigeria by foreign investors in 2012

• Nigeria has become the highest investment destination in Africa

International Investors are More Interested in Nigeria

Strong Economic Performance Has Received International Validation


17

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Of the FG’s ₦180 billion budgeted for the 2012 SURE-P, ₦86.5 billion was spent. The remaining

balance of ₦93.5 billion was carried over into the 2013 SURE-P budget bringing its sum to about

₦273.5 billion in projected expenditure.

Subsidy Reinvestment Program (SURE-P)

S/N Classification/Projects

2012

(Annual Budget,

N’ Bns)

2013

(Annual Budget

N’ Bns)

A SOCIAL SAFETY NETS (e.g. Maternal & Child Health,

Mass Transit, Community Services, Graduate

Internship Scheme)

38.44 40.83

B NIGER DELTA Augmentation for East-West Road

(Sections 1-4)

21.70 42.27

C WORKS (ROADS & BRIDGES) (e.g. Abuja-Lokoja

Road, Kano-Maiduguri, Oweto Bridge)

85.50 111.50

D TRANSPORT (RAIL) (e.g. Lagos-Kano, Port-Harcourt

- Maiduguri)

33.36 77.42

E OTHER EXPENSES (e.g. SURE-P Board, M&E) 1 1.5

180.00 273.52

Breakdown of FGN SURE-P Budget

Subsidy Savings 2012 2013 (Jan – May)

Federal Government ₦180 Billion ₦75 Billion

States Government ₦154.6 Billion ₦64.4 Billion

Local Government Councils ₦76.4 Billion ₦31.8 billion


18

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Developing the Nigerian Financial Systems

19


FAAC

B

Clean-up of the

Banking system

& Reforming DFIs

Exports

Expansion

Grants (EEG)

A

D

E

Reviving the

Nigerian Capital

Market

C

Boosting the

Insurance

Sector

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Government Has Been Reforming The Financial Sector…

Cleanup of the Banking System Complete…

Government Policies have Supported Capital

Markets (e.g. Forbearance, Elimination of VAT & Stamp Duties,

etc.)

• As a result, capital markets

has now rebounded…

• Stock market index has risen

by 71% since May 2012

• Stock market capitalization

(value of listed companies)

has increase by 66.2% since

May 2012 to ₦11.8 trillion

• Through government policies

(e.g. introduction of micro-

insurance, compliance with

compulsory insurance, etc.)

more Nigerians are now aware

of Insurance Policies

• Number of policy holders has

also increased from 700,000 in

2010 to 1.5 million in 2012

• Claims paid increased from

₦37 billion in 2010 to ₦52

billion in 2012

• All 22 banks are now fully

stable and capitalized

• Non-Performing Loans have

fallen to about 5%

• But not enough lending is

going on at affordable interest

rates so the government is:

Restructuring existing DFIs to

get in private sector capital

Creating a new wholesale DFI

for 10-15 year money at

affordable rates

Insurance Sector is Doing Better…..


A B C

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Federation Accounts Allocation Committee (FAAC) D


FAAC meeting for the past 4 months held

before the 14th of each month

All tiers of Government get their account

credited latest on 17th day of the month.

Salaries are paid to Federal Government

staff on time

This has brought some relative measure of

employee satisfaction and industrial

harmony

FAAC has served as an avenue for:

Correcting misconceptions and the

resolution of long standing problems

Peer review amongst States

Adopting best practices and learning from

the experiences of one another

Improved flow of revenues … Problem Solving.

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Exports Expansion Grant (EEG): Summary of Performance of Exporters

Eligibility Criteria Threshold % Better than

Threshold 2006

% Better than

Threshold 2011

Value Addition 20% 40.88% 48.50%

Export Growth 10% 31.36% 71.82%

Capital Investment

Growth

10% 46.37% 68.90%

Employment 500 32.04% 38.56%

22


E

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Support for Job

Creation

Macro Economic

Management


Activities

Supporting Structural Reforms

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Agriculture

Federal Ministry of Finance

▪ ₦30 billion credit risk guarantee to Nigeria’s commercial banks to support

the supply of fertilizers and seed by the private sector

World Bank

▪ US$ 200 million to support the ATA for staple crop processing in the six

geo-political zones

▪ US$ 300 million support to Fadama and commercial agriculture

China Exim Bank

▪ US$ 500 million importing 18 cassava processing mills and 40 rice

processing units (under discussions)

▪ US$ 75 million Rural Access and Mobility project

Environment World Bank

▪ US$450 million – Erosion & Watershed Management in Abia,

Anambra, Cross River, Ebonyi, Enugu, Imo and Edo states

▪ US$120 million – Flood and Waste management, Oyo state

MOBILIZING FINANCES FOR REAL SECTOR ACTIVITIES

The Ministry negotiated the following financing agreements totalling ~US$12 billion to support the real sector – (1)

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Transport


▪ US$4 billion – Letter of comfort to support

investment in the Lekki Deep Sea port

Water

World Bank

▪ US$200 million – Water Reform Phase III Nationwide

▪ US$120 million – Urban Water Supply in Cross River

Islamic Development Bank

▪ US$136.34 million – Zaria Regional Water Supply

▪ US$50 million Dam project for water Supply & Irrigation in

Osun state

African Development Bank

▪ US$81.32 million – Zaria Regional Water Supply

▪ US$200 million Rivers State Water Supply Project



African Development Bank

▪ ₦50 billion (~US$ 330 million) for the construction of

the East-West Highway

Niger Delta

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The Ministry negotiated the following financing agreements totalling

~US$12 billion to support the real sector – (3)

26


World Bank

▪ US$50 million – State Health Program Investment Credit

(Ondo, Nasarawa & Adamawa)

▪ US$95 million – Polio Eradication Project Nationwide


▪ US$44.69 million – Upgrading of Hospital Facilities in

Kaduna

Health


▪ US$ 1 billion Eurobond (including US$600 million for Gas to

Power) to be launched

World Bank

▪ US$ 1 billion IBRD Partial Risk Guarantee (under

discussion)

China Exim Bank

▪ US$765 million Zungeru Hydroelectric Power Project


▪ US$54.5 million Zungeru Hydroelectric Power Project

Power

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World Bank

▪ US$150 million – State Education Program Investment Project (Bauchi, Ekiti & Anambra)


▪ US$17.32 million for science secondary schools in Kaduna State

▪ US$70 million to improve and enhance Bilingual Educational Support

Education

China Exim Bank

▪ US$100 million – National Information and

Communication Infrastructure Backbone (Galaxy

Backbone)

ICT

World Bank

▪ US$250 million – Youth Employment and Social

Support Operation (YESSO)

▪ US$140 million – Growth and Employment Support

Project

▪ US$200 million – State Employment and

Expenditure For Result Project

Job creation

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▪ Working with CBN on use of intervention fund for purchase

of new aircraft to be passed to private sector and repaid

China Exim Bank

▪ US$500 million 5 new airport terminals in Abuja, Kano,

Lagos, Enugu and Port-Harcourt

Aviation

World Bank

▪ US$300 million Housing Liquidity Facility

China Exim Bank

▪ US$500 million for the Abuja Light Rail ProjectFCT

Housing

China Exim Bank

▪ US$200 million for various roads (under construction)

World Bank

▪ US$80 million for second Niger bridge

Works

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To address two key issues:

Mainstreaming government efforts to improve the lives of girls and

women in Nigeria into the budgeting process

Linking funding release to concrete results delivery for these girls

and women, with the 2013 budgeting process as pilot.

Three Technical Working Sessions and a program design workshop with the

focal points in the pilot MDAs and civil society partners have been held -

develop work plans, budgets and implementation modalities at the state, local

government, community and ward levels.

Ministry of Agriculture has since March trained 350 in fishery farming - 70

from each five geo-political zones.

Ministry of Communications Technology made the initiative the focus of its ICT

Day in April and provided 35 students and seven teachers with laptops.

The Ministry of Health for its VVF target has initiated the acquisition and

upgrading of existing fistula centres in Ebonyi and Katina states as a key step

to scaling up the numbers of girls to receive the corrective surgery.

Ministry of Works has signed MoUs with three private contractor firms who

have pledged to support women subcontractors in their road contracts.

.

Support to Women Empowerment

Background

Progress to Date


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▪ NEXIM being retooled to enhance support to the non-oil export sector

▪ Reforming the Export Expansion Grant (EEG) Scheme to better target critical

priority sectors and reduce cost of running scheme

▪ Total disbursement of ₦7.3 billion in 2012 in support of non-oil exporters,

leading to creation of 4,911 direct jobs and foreign exchange generation of

about US$58 million annually on full implementation of the projects

Support to the Non-oil

Sector

Regional Integration

▪ The ECOWAS Trade Support Facility has been introduced to enhance export

credit to small traders, formalize trade and deepen payment system in the

West African sub-region. NEXIM dedicated a seed fund of ₦500 million, with

₦268m approvals granted and ₦170m already disbursed.

▪ Financing Regional Sealink Project to establish a dedicated regional shipping

company which will mitigate the issue of high transportation cost and

excessive transit time in West and Central Africa. The project is expected to

cost between US$60 – 100 million.

Fostering Partnerships

▪ Strengthening relationships with other EXIM Banks to attract investment

capital. NEXIM has credit lines with the Export-Import Bank of India and the

Africa Export Import Bank, while discussion have reached advanced stage

with EXIM Bank of Turkey

Financing International Trade and Regional Integration

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Support for Job

Creation

Macro Economic

Management


Activities

Supporting Enabling Reforms

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Port Reforms in conjunction with the Ministry of Transport, Works, Presidency and the Lagos state Government

I

2,080 TEU

overtime

containers

transferred to

Ikorodu Lighter

Terminal.

Ports operating

a 24-hour

regime for the

first-time since

1970..

Disbanded NCS

task force that

harass cargo on

the highway

Apapa-Oshodi

Expressway

cleared with FMW

rehabilitating the

roads

Reduced the

number of

agencies

operating in the

ports from 14 to

7.

II III IV V

Clearing time reduced from 39 days to 7 days for trouble-free cargo, but target is 48 hours!

A

SUPPORTING ENABLING REFORMS

We had achieved the following …

BUT !

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B Support to Other Sectors: Power


Key Measures

Chair of the board of the National Bulk Electricity Trader (NBET) and National Electricity Liability Management Company (NELMCO)

Signing of letters of comfort, PPAs etc

Negotiated Guarantees

Solving financial problems and paying off PHCN

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C Support to Other Sectors: Housing


Mortgage Refinance Company (MRC) has

been proposed to assist in resolving

financing gapHousing Finance: the challenges

▪ Nigeria needs to add 23 million homes

by 2020 to meet supply gap i.e. 2.6

million homes per year

▪ The MRC will be a Public-Private Partnership

(PPP) arrangement with shareholders that

will include: Government, International DFIs

9IFC, Shelter Afrique etc), Nigerian Banks,

Primary Mortgage Institutions (PMIs),

Insurance Companies and Private Equity

investors

▪ Capital Structure of the MRC will comprise of:

▪ Take off capital of NGN5 billion, 10% of

which would be invested by

Government via Preference Shares

▪ Initial debt financing of US$300 million

from FGN via a concessional long term,

non-interest credit from the World Bank

▪ Upon establishing a track record, the

MRC will access the capital market to

raise funds via bond issues

▪ FGN credit to be disbursed to MRC in

Naira; CBN to bear FX risk

▪ Currently there are 20,000 mortgages

in Nigeria – Target of 200,000 mortgages

in the next 5 years

▪ Challenges faced by the housing

industry are multi-sectoral:

▪ Financing hurdle to be tackled with

Mortgage Refinance Company

▪ Additional challenges also being

tacked concurrently

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D Support to Other Sectors: Sports and Manufacturing


Sports

Examining innovative

ways of financing

sector through

lotteries and private

sector franchising

Manufacturing

Stoppage of multiple taxation

Fast track the completion of CET

book

Facilitate easier access to long

term financing

Tackling trade malpractices

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E Support to Other Sectors: Agriculture


Specific Measures

IntroducedFiscalincentivesto support

Rice andCassavavalue chains

Zero duty on machinery and equipment to process high-quality cassava flour

Corporate tax rebate of 12% for bakeries attaining 40% substitution of wheat for cassava

Effective duty of 50% (to be raised to 100% by December 2012) on imported polished rice to encourage domestic production

100 percent duty on wheat flour from July 1, 2012

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Support to Other Sectors: WorksF

Supporting the Construction of the Second Niger Bridge

through PPPs.

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Special Initiatives

Mr. President announced a ₦3 billion grant program - Project

Advancing Creativity and Technology (ACT) Nollywood, to

encourage growth and stimulate job creation in Nigeria’s

movie industry

The program aims to improve and promote key components

of the movie value chain through the provision of grants

schemes designed to support existing or aspiring practitioners

within the industry

Support to Other Sectors: Creative IndustriesG

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Support for Job

Creation

Macro Economic

Management


Activities

Supporting Structural Reforms

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Youth Enterprise with Innovation in Nigeria (YouWiN!) Program

YouWiN! Results

• Trained 12,000 aspiring or existing young entrepreneurs.

• Presently funding 1,200 entrepreneurs identified in the first round of the three round

competition

• Identified 1,200 women in May 2013 across the six geopolitical zones to receive funding

in the second round

• As at May, 2013, a total of 14,025 jobs have been created across the country in the early

stages of the first round. At least 80,000 jobs expected by the end of the third round in

2015.

REGION NO. OF JOBS

North-Central 2,552

North-East 1,616

North-West 2,159

South-East 2,280

South-South 2,119

South-West 3,299

Total 14,025

SECTOR NO. OF JOBS

Agriculture 4,113

ICT & Media 1,893

Manufacturing 3,698

Retail 698

Others 3,623

Total 14,025

Breakdown of Job Creation by Geo-Political Zone and Sector (as at May 2013)

SUPPORT FOR JOB CREATION

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COMMUNITY SERVICES SCHEME (CSS) & GRADUATE INTERNSHIP SCHEME (GIS)

Community Services Scheme

• 370,000 youth to be employed annually.

• 178,000 Youth already employed.

Graduate Internship Scheme

• Providing 50,000 graduates with internship in established

privates sector organizations

• 1,306 graduates placed so far

SUPPORT FOR JOB CREATION

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THANK YOU!!!

MP2013: Ministry of Finance

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Transcript of MP2013: Ministry of Finance