Finance Ministry Unveils Mid-Year Budget Review to Foster Economic Stability and Transformation

The Finance Ministry has announced that the upcoming Mid-Year Budget Review will play a crucial role in restoring macroeconomic stability and accelerating the country’s economic transformation. The statement issued on July 28th emphasized the key areas that the review will address, including structural reforms in expenditure commitment control, clearing arrears, efficient debt management, ensuring financial stability, and promoting growth.

Originally scheduled to be presented to Parliament during the week, the Mid-Year Fiscal Policy Review of the Budget Statement and Economic Policy faced a postponement. Nonetheless, the Finance Ministry remains committed to fulfilling its obligations as per the Public Financial Management Act, 2016 (Act 921).

The Finance Ministry highlighted that the presentation will provide a comprehensive update on the implementation of the 2023 Budget, offering valuable insights into the economic and fiscal performance during the first half of the year. Additionally, the review will discuss the policies aimed at stabilizing the economy, driving growth, and providing social protection to vulnerable sections of society. These policies align with the IMF-supported Post COVID-19 Programme for Economic Growth (PC-PEG).

In a bid to maintain transparency and foster public understanding, the government will engage in Post-Budget Engagements to explain the rationale behind various policy choices. This open dialogue with the public seeks to ensure a collective understanding of the measures taken to support the nation’s economic progress.

Overall, the Finance Ministry remains optimistic that the Mid-Year Budget Review will pave the way for a more stable and prosperous economic future, contributing to the long-term growth and development of the nation.