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Fiscal consolidation

  • BB2021-03: BRIEFING NOTES FOR THE DBCC PRESENTATION: THE PROPOSED FY 2022 NATIONALBUDGET AND THE MEDIUM-TERM FISCAL PROGRAM

    The proposed FY 2022 National Budget continues to provide fiscal support to COVID-19 response, as well as, the need for more robust economic recovery. Large pandemic-induced shocks have resulted to large negative output gaps, reflecting weak demand and high labor unemployment. Additional spending should be calibrated to the size of the output gap, and to focus on expenditure items, such as laboratory systems and vaccination, to address key downside risks to growth.

  • BB2022-02: The Proposed FY 2023 National Budget and the Medium-Term Revenue Program

    This Budget Brief starts with a discussion on the FY 2022-2028 Medium-Term Fiscal Framework and the Medium-Term Fiscal Program, with the latter establishing the fiscal consolidation strategy of the government.  Revenue projections from 2022-2028 are juxtaposed with the 30-year actual revenue performance to give context to what the revenue targets mean historically.  Medium-term revenue forecasts are also provided based on three alternative scenarios placed side by side with Development Budget Coordinating Committee (DBCC) revenue targets.