Mid-Year Budget Review will focus on restoring macroeconomic stability, economic transformation – Finance Ministry

The Finance Ministry says the Mid-Year Budget Review will outline the critical imperatives to restore macroeconomic stability and accelerate our economic transformation.

In a statement issued on Friday, July 28, it said, “The issues that will be highlighted include structural reforms in expenditure commitment control and arrears clearance; debt management; financial stability and a growth agenda, amongst others.”

The Finance was announced to have presented the Mid-Year Fiscal Policy Review of the Budget Statement and Economic Policy of government to Parliament during the week but it was later postponed.

The presentation is in accordance with Section 28 of the Public Financial Management Act, 2016 (Act 921).

According to the Finance Ministry, “The presentation will provide an update on the implementation of the 2023 Budget, with insights into the economic and fiscal performance for the first half of the year.

“It will discuss policies implemented to stabilize the economy, promote growth and provide social protection for the vulnerable as outlined in the IMF-supported Post COVID-19 Programme for Economic Growth (PC-PEG).”

It added that in line with usual practice, “we wish to indicate that government will undertake the Post-Budget Engagements to explain the various policy choices to the public.”