Consequently, this Budget, therefore, proposes corrective measures on fiscal and external imbalances to restore fiscal and debt sustainability, which provides a conducive environment for productive activities.
Specifically, while as alluded to above, fiscal imbalances will require containment of expenditures, implementation of strong structural reforms will entail:
- shedding off those State Enterprises that would benefit from joint venture partnerships with identified strategic investors;
- improving performance of those State Enterprises that remain;
- reducing policy uncertainty;
- fighting corruption in an effective way;
- enhancing competitiveness;
- enforcing guidelines on good corporate governance in public enterprises and local authorities; and
- building strong systems for ensuring transparency and accountability.
In the absence of a robust fiscal adjustment and structural reforms as well as arrears clearance, the persistent deterioration in the macro-economic environment will continue to incapacitate the country’s ability to honour its obligations to all its creditors and to move forward.
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