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Finance Minister Seth Terkper, Wednesday said as a result of the exchange rate depreciation, the exchange rate assumption for the Budget has been revised. Consequently, all budget inflows denominated in foreign currency have been revised upwards. Presenting the mid-year Review of the Budget Statement, Economic Policy and Supplementary Estimates of the Government for the 2014 Fiscal year, Mr Terkper said due to a combination of factors such as the slowdown in economic activity, some measures had been taken to stem the tide. He noted that delays in the implementation of some revenue measures announced in the Budget and the declining gold prices has impacted negatively on taxes on domestic goods and services while taxes on income and property, total non-oil tax revenue has been revised downwards by GH�948.0 million to GH�18,712.3 million, an equivalent to 16.3 percent of GDP. The revised non-oil tax revenue for the year represented an increase of 38.1 percent over the outturn for 2013. Due to the exchange rate depreciation, oil revenue has also been revised upwards by GH�707.1 million to GH�2,416.5 million and grants have been revised upwards from GH�1,130.7 million to GH�1,390.8 million. �The positive ongoing discussions with DPs (development partners) suggest that they will disburse some commitments�. A total revenue and grants for the 2014 fiscal year have been revised upwards from GH�26,056.5 million to GH�26,230.3 million, equivalent to 22.9 per cent of GDP. The revised revenue and grants for the year represented an increase of 34.7 per cent over the outturn for 2013, according to the Minister. On revisions to expenditures, he said the estimate for total expenditure and arrears clearance has been revised upwards by GH�1,331.1 million from GH�35,027.3 million to GH�36,358.3 million (31.7 percent of GDP) mainly on account of higher wages and salaries, interest payments, foreign-financed capital expenditures and subsidies. Wages and Salaries have been revised upwards from GH�8,967.8 million to GH�9,218.9 million as a result of the Cost of Living Allowance that was approved for public sector employees. �On account of higher interest rates and the depreciation of the cedi, interest payments have been revised upwards from GH�6,178.6 million to GH�7,884.7 million.� Due to the exchange rate depreciation, foreign-financed capital expenditure has been revised upwards from GH�4,525.8 million to GH�4,748.7 million As a result of the slower-than-expected implementation of utility and petroleum price adjustments, the provision made for subsidies in the 2014 budget has also been revised upwards from GH�50.0 million to GH�618.8 million. Based on the revisions made to the estimates for VAT revenue and total tax revenue in general, transfers to the National Health Insurance Fund, GH�21.8 million, Ghana Education Trust Fund, GH�27.4 million and the District Assemblies Common Fund GH�54.0 million. The higher estimated revenue from oil and in accordance with the Petroleum Revenue Management Act (Act 815), transfers to Ghana National Petroleum Company from the oil revenue had been revised upwards from GH�423.7 million to GH�599.0 million, according the Minister. As a result of the estimated higher spending on wages and salaries, interest payments and subsidies, estimated spending on Goods and Services have been revised downwards from GH�1,550.0 million to GH�1,085.0 million and domestic financed capital expenditure has also been revised downwards from GH�1,491.5 million to GH�1,241.5 million.